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US still in fiscal deadlock, but glimmers of hope emerge

Updated: 2013-10-09 07:19
By Agencies in Washington ( China Daily)

A few faint glimmers of hope surfaced on Monday in the US fiscal standoff, both in Congress and at the White House, with President Barack Obama saying he would accept a short-term increase in the nation's borrowing authority to avoid a default.

Separately, a Senate aide said Republican Senator Rob Portman, from Ohio, who is influential on budget issues, was floating a plan to cut federal spending and reform the US tax code as part of a broader deal to reopen shuttered government agencies and raise the government's debt ceiling.

While Portman's initiative may or may not gain traction, most lawmakers believe that a budget deal like it will be necessary to end the stalemate.

US still in fiscal deadlock, but glimmers of hope emerge

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