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Pressure Builds for Debt Compromise

Senate plan backed by Obama faces resistance in the House.

By Catherine Dodge, Julie Hirschfeld Davis, Bloomberg | Updated on July 20, 2011

A bipartisan Senate proposal for a $3.7 trillion debt-cutting plan praised by President Barack Obama faces resistance from House Republicans, as lawmakers intensify efforts for a compromise on government spending less than two weeks before a threatened default.

Obama said he will renew talks at the White House this week with congressional leaders as the Democratic-led Senate and Republican House pursue divergent paths toward ending the stalemate over lifting the nation’s $14.3 trillion debt limit.

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