Snapshot: What to expect Thursday in debt crisis

Reuters News
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Posted: Jul 28, 2011 10:44 AM
Snapshot: What to expect Thursday in debt crisis

WASHINGTON (Reuters) - Here is what to expect on Thursday as lawmakers try to close in on a deal for Congress to raise the U.S. government's $14.3 trillion borrowing limit by an August 2 deadline and avoid a debt default:

* House of Representatives Speaker John Boehner holds closed-door session with fellow Republicans is expected to discuss his revised plan to raise the debt ceiling in a two-step process that links any debt increase with spending cuts. Meeting began at 9 a.m. EDT.

* In interview with NBC television, Boehner called the effort to get control of the deficit and debt "a big test" and said some hardline conservatives were still not happy with the deal. Boehner said the deal reached was a compromise and said it was doable. "Never let them see you sweat," he added when asked if he was worried about the upcoming vote.

* House is expected to vote on the plan. No time set.

* House Democrats also meet at 9 a.m. EDT to discuss the latest Republican plan in closed-door session.

* Group of first-term Republican House members hold news conference at 10:30 a.m. EDT to discuss Boehner's plan.

* House Democratic leader Nancy Pelosi expected to react to the latest plan by Boehner at her weekly news briefing, set for 10:45 a.m. EDT.

* Boehner and other Republican House leaders hold news conference at 1:30 p.m. EDT.

* Investors are nervous about the impasse in Washington over debt and are watching developments closely. Global stocks dropped to their lowest levels in more than a week and the dollar fell to a record low against safe-haven Swiss franc. Gold prices firm but below record highs.

(Reporting by Donna Smith and Deborah Charles; Editing by Vicki Allen)

(This story has been corrected in paragraph 8 to show news conference will be at 1:30 p.m., not 1:30 a.m.)