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.

More News from IBT MEDIA