WASHINGTON (AP) — In a fresh challenge to President Barack Obama, House Republicans unveiled reworked legislation Monday to avert a potentially devastating government default in barely a week — but along lines the White House has already rejected.
Democrats countered quickly with an alternative that drew presidential backing, and Obama readied a prime-time, nationally televised speech on short notice.
Despite warnings to the contrary, U.S. financial markets appeared to take the political maneuvering in stride. Wall Street posted losses but with no indication of panic among investors.
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