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'Time is running out' - Obama over US fiscal crisis


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'Time is running out' - Obama over US fiscal crisis

Negotiations in the US Congress to end the fiscal impasse are going down to the wire with both chambers blaming each other.

The US must raise its $16 trillion debt limit by October 17 or risk default.

President Obama has said although he believes the crisis will be resolved, time is running out.

After Democrats rejected a plan by the Republican-led House of Representatives, hours later it was altered and revived – but a vote was called off.

As the House bill faltered, lawmakers in the Senate announced they were reopening talks.

The chamber’s leaders are said to be working on a plan which could extend the government’s borrowing authority until February 7 and quickly re-open federal agencies.

The Democrat-led Senate accuses the Republicans of sticking with proposals including alterations to Obama’s healthcare reforms just to appease hardline conservatives.

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