01 August, 2011

CNN Breaking News

Senate Republicans on Sunday blocked a Democratic effort to end debate and move to a vote on Majority Leader Harry Reid’s debt ceiling proposal, extending consideration of the measure as negotiations continue on a deal to raise the federal debt ceiling and cut spending.

Reid had postponed the vote for 12 hours, until 1 p.m. Sunday, saying at the time there were "many elements to be finalized." He plans to insert a negotiated final agreement into the proposal once a deal has been reached.

The Republican-controlled House rejected Reid's plan on Saturday -- partisan payback for the Democratic-controlled Senate's rejection of GOP House Speaker John Boehner's plan Friday night.

The federal government needs to raise the $14.3 trillion debt ceiling by August 2 or risk a default. Americans could face rising interest rates and a declining dollar, among other problems.

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