Debt Crisis: Deal Sought to Head Off Stock Plunge

CNBC

Published: Saturday, 23 Jul 2011 | 6:26 PM ET

Precariously short of time, congressional leaders struggled in urgent, weekend-long talks to avert an unprecedented government default, desperate to show enough progress to head off a plunge in stock prices when Asian markets open ahead of the U.S. workweek.

President Barack Obama met Saturday with Republican and Democratic leaders — but only briefly — the day after House Speaker John Boehner abruptly broke off his own once-promising compromise talks with the White House. Staff members kept up detailed efforts

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