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President Barack Obama sits next to House Speaker John Boehner of Ohio, left, in the Cabinet Room of the White House, Saturday, July 23, 2011, in Washington, as they meet to discuss the debt. (AP Photo/Carolyn Kaster)

WASHINGTON (AP) — With bipartisan debt-limit talks deadlocked, House Republicans and Senate Democrats readied rival emergency fallback plans Sunday in hopes of reassuring world financial markets the U.S. government will avoid an unprecedented default.

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