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Boehner preparing to move on debt limit

Published: Monday, July 25 2011 1:11 a.m. MDT

In this photo provided by CBS News, Senate Minority Whip Jon Kyl, of Ariz., discusses what's next in the debt ceiling negotiations on CBS's In this photo provided by CBS News, Senate Minority Whip Jon Kyl, of Ariz., discusses what's next in the debt ceiling negotiations on CBS's "Face the Nation" Sunday, July 24, 2011, in Washington. Congressional leaders in Washington planned to work on a fiercely hot Sunday to try to reach a bipartisan accord to avert a debt-ceiling crisis on Aug. 2. (CBS, Mary Calvert, Associated Press)

WASHINGTON — Congressional leaders are still struggling for a compromise debt limit deal that avoids a market-rattling default in eight days while cutting trillions in spending.

House Speaker John Boehner of Ohio plans to meet with his chamber's Republicans on Monday to discuss the GOP's clash with President Barack Obama over extending the government's borrowing authority. Boehner could unveil debt ceiling legislation by that session.

Senate Majority Leader Harry Reid of Nevada met at the White House on Sunday with Obama and House Democratic Leader Nancy Pelosi of California. Afterward Reid said bipartisan talks collapsed because Republicans insist on a short extension for the debt limit. He says he is crafting a $2.7 trillion package of spending cuts that would also push the government's borrowing authority through next year.

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