The US risks defaulting on its financial obligations if a federal budget deal is not struck by 2 August.
The US Congress has split along party lines as it seeks a solution to an ongoing deadlock over raising the nation's debt limit. The House of Representatives passed a Republican bill proposed by Speaker John Boehner, but that was quickly killed by the Democratic-led Senate. Senate leader Harry Reid is now seeking a vote on a rival plan he proposed. The US risks defaulting on its financial obligations if a federal budget deal is not struck by 2 August.