Lawmakers to vote on last-minute debt deal, Posted by Meosha Eaton

(Reuters) - After months of vitriolic discord, Republican and Democratic lawmakers were expected to vote on Monday on a White House-backed deal to raise the U.S. borrowing limit and avert an unprecedented debt default.

The Democratic-led Senate is expected to pass the deal, which raises the $14.3 trillion debt ceiling and cuts about $2.4 trillion from the deficit over the next decade.

Democrats try to break U.S. debt impasse, Posted by Meosha Eaton

(Reuters) - Senate Democrats aimed to seize the initiative in efforts to head off a ruinous U.S. debt default by pushing their deficit-cutting plan on Saturday towards a possible compromise with a divided Republican Party.

Entrenched differences were still hampering a compromise as Democratic leaders accused their Republican counterparts of obstructionism, less than 100 hours before the government says it will run out of money to pay all its bills.

Tax dispute plagues U.S. debt limit fight, Posted by Meosha Eaton

June 2 (Reuters) - Republicans in the U.S. Congress have ruled out tax increases as part of any negotiation on attacking budget deficits that are forecast to hit $1.4 trillion this year alone.

Their mantra is "We don't have a revenue problem, we have a spending problem." In other words, slash spending, don't raise taxes.

Democrats counter that the federal budget cannot be balanced on the backs of the poor and middle class through steep cuts in federal spending on healthcare, education, nutrition and other programs. In other words, raise taxes on the rich.

TIMELINE-U.S. debt debate, Posted by Meosha Eaton

WASHINGTON, May 31 (Reuters) - Vice President Joe Biden and top lawmakers are trying to reach a deal that would reduce the United States' spiraling debt and increase the U.S. borrowing limit.

The Treasury Department says Congress must raise the $14.3 trillion debt ceiling by Aug. 2 to avoid a potentially catastrophic default on its obligations, but both Republican and Democratic lawmakers say any increase must include measures to ensure the country's debt remains at a sustainable level.