After weeks of ultimatums, President Barack Obama and House Republicans are exploring whether they can end a budget standoff that has triggered a partial government shutdown and edged Washington to the verge of a historic, economy-jarring federal default.
House Republican leaders are considering a short-term increase in the U.S. debt limit as a possible way to break the gridlock that threatens the nation with an unprecedented default in as little as a week, officials said Wednesday night.
Democrats controlling the Senate are planning to try to pass a stand-alone measure to increase the government's borrowing cap, challenging Republicans to a filibuster showdown that could unnerve financial markets as the deadline to a first-ever default on U.S. obligations draws closer.
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