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U.S. Debt Crisis Deepens As House Vote Delayed

U.S. House Speaker John Boehner
The U.S. House of Representatives Speaker John Boehner was forced to delay by one day a vote on his plan to default, as he struggles to get support from within his Republican caucus to pass the measure.

Majority Whip Kevin McCarthy told reporters: "No vote tonight." Boehner on July 28 faced stiffer than expected resistance from conservative Tea Party lawmakers to pass the measure.

Boehner earlier on July 28 met one by one with Republican lawmakers to get support for his two-step plan to raise the $14.3 trillion debt ceiling enough to avert default for at least six months.

However, if passed by the House, the legislation is unlikely to get through the Democratic-controlled Senate. President Barack Obama has already threatened to veto Boehner's bill.

The U.S. Treasury has said that it will be unable to meet all its obligations and could risk an unprecedented defaulting on loans and downgrading of the government's credit, unless Congress passes a hike in the debt limit by August 2.

The federal debt limit currently stands at $14.3 trillion.

compiled from agency reports