BARACK OBAMA

Wall Street futures fell, the dollar dropped and gold rallied as Washington appeared no closer on Sunday to raising the debt ceiling to avert a devastating default.

A bitterly divided Congress set the United States on a collision course with financial markets on Monday as Democrats and Republicans pursued rival plans unlikely to generate the broad support needed to avert a catastrophic and unprecedented debt default.

The United States took a step closer to losing its coveted triple-A credit rating over the weekend as a political impasse in Washington reduced hopes of an agreement to meaningfully cut the nation's budget deficit.

A sharply divided Congress pursued rival budget plans on Sunday that appeared unlikely to win broad support, pushing the United States closer to a debt default that would reverberate around the world.

President Barack Obama and Congressional leaders have missed a self-imposed Sunday deadline reach a deal to raise the U.S. federal debt limit, bringing the default deadline for U.S. obligations even closer.

Stocks slipped while the Swiss franc rose and gold hit a record high on Monday as hopes for a political deal to avert a U.S. default began to fade, though investors were mostly seeking to protect their portfolios with no signs of panic selling.

U.S. lawmakers failed to achieve a budget breakthrough and instead worked on rival plans on Sunday in a impasse that heightened prospects for a catastrophic U.S. debt fault.

Wedding fever hit New York on Sunday, as hundreds of gay and lesbian couples lined up to be married on the first day that same-sex marriage was legal in the state.

With financial markets on edge, White House officials and Republican leaders scrambled to reassure them that the United States will avert default and lift its $14.3 trillion borrowing limit before August 2.

President Barack Obama and congressional leaders struggled on Sunday to break a partisan deadlock on a budget deal to avoid a U.S. debt default and reassure global markets, with no sign of a deal emerging.

U.S. airlines are fighting the prospect of sharply higher passenger security fees that could be part of any deficit-reduction plan.

Retired Army Gen. and former Chairman of US Joint Chiefs of Staff, John Shalikashvili, died on Saturday from complications of a stroke reports Reuters.

House Speaker John Boehner, R-Ohio, took pains to underscore that not only have the debt deal talks resumed, he says all parties are working toward an agreement. Time certainly is of the essence: the U.S. has less than 10 days to raise the debt ceiling and avoid a default.

After the landing of Space Shuttle Atlantis, NASA is bracing for its future in deep space exploration.

Norwegian police have arrested a 32-year-old gunman Anders Behring Breivik in connection with the killings.

Top House and Senate leaders arrived at the White House on Saturday in a meeting called by President Barack Obama with the aim of advancing a negotiation to avert a federal default.

President Barack Obama summoned House Speaker John Boehner to White House after the Republican from Ohio threw the debt ceiling talks into disarray by withdrawing from discussions.

President Barack Obama said Friday that time for negotiations had ended after House Speaker John Boehner broke off talks on reaching a deal to raise the federal debt limit and handle the United States' long term debts and deficits.

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House Speaker John Boehner, R-Ohio, said Friday there is no agreement in private on a debt deal and that negotiators are not close to an agreement. That left official Washington wondering, on a sweltering 100-degree day, if the talks have reached another impasse, of if Boehner is merely deploying that old beltway tactic of 'rhetoric for dollars'?

New York City may be frying in near record temperatures but Wall Street has been feeling the heat for months. Wrangling over the debt ceiling and questions marks over corporate earnings mean markets are unlikely to get a break any time soon.