Republicans, Democrats Push Dueling Plans Amid Debt Deadlock

Republicans and Democrats pushed dueling plans for raising the U.S. debt ceiling, unable to break a partisan stalemate over how to tackle the nation’s $14.3 trillion debt even as worries of a threatened default Aug. 2 unsettled financial markets.

House Speaker John Boehner, an Ohio Republican, prepared to force action on a shorter-term extension of the U.S. debt limit than President Barack Obama has requested, defying a veto threat and the administration’s warnings of dire economic consequences.