Snapshot: What to expect Thursday in debt crisis

on July 28 2011 9:07 AM

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

* House of Representatives Speaker John Boehner at a 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 is set for 9 a.m. EDT (1300 GMT).

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

* House Democrats to discuss the latest Republican plan in closed-door session. Meeting starts at 9 a.m. EDT (1300 GMT).

* House Democratic Leader Nancy Pelosi expected to react to the latest plan by Boehner at her weekly news briefing. The briefing is set for 10:45 a.m. EDT (1445 GMT).

* Investors are nervous about the impasse in Washington over debt and are watching developments closely. However, most analysts believe U.S. lawmakers will reach agreement to avoid default.

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