Baku – APA. President Obama and House Republicans failed to reach agreement on a six-week extension of the nation’s borrowing authority during a meeting Thursday at the White House, but the two sides kept talking, and the offer from politically besieged Republicans was seen as an initial step toward ending the budget standoff, APA reports quoting the New York Times.
House Republicans refused to finance the government because Mr. Obama would not defund or delay the new health care law. U.S. Treasury Secretary Jacob Lew has told Congress that the federal government will reach its debt limit of 16.7 trillion U.S. dollars by Oct. 17, and failure to raise it would lead to a catastrophic default.
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