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Lawmakers Look at Ways to Avoid Default

Democrats weigh adding spending cuts to McConnell debt plan.

By Mike Dorning, Laura Litvan, Bloomberg | Updated on July 15, 2011

Senate leaders from both parties are discussing backup options to avert a U.S. default by adding spending controls to a plan that would grant President Barack Obama unilateral power to raise the debt limit.

Obama told lawmakers they have until tomorrow to decide whether they can reach a deal to make significant cuts in the deficit or settle for another way to raise the $14.3 trillion debt ceiling before U.S. borrowing authority expires Aug. 2, two Democratic officials said.

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