Congressional Republicans on Thursday abandoned budget talks aimed at clearing the way for a federal debt limit increase, leaving the outcome in doubt as they vowed not to give in to a Democratic push for new tax revenues as part of any compromise.
The breakdown was set off by the surprise decision of Representative Eric Cantor of Virginia, the House majority leader and one of two Republicans participating in sessions led by Vice President Joseph R. Biden Jr., to quit the negotiations.
This week’s talks were considered to be crucial as the Aug. 2 deadline for an increase in federal borrowing authority nears.
Mr. Cantor had previously expressed optimism that the sessions could produce a deal. But he announced he would not be attending Thursday’s scheduled meeting because Democrats continued to press for part of the more than $2 trillion savings target to come from moves like phasing out tax breaks.
http://www.nytimes.com/2011/06/24/us/politics/24fiscal.html?_r=1&partner=rss&emc=rss
