A sharply divided Congress pursued rival budget plans on Monday that appeared unlikely to win broad support, pushing the United States closer to a ratings downgrade and debt default that would send shockwaves through global markets.
With an August 2 deadline little more than a week away, lawmakers have steadfastly refused to compromise and talks once again collapsed in acrimony at the weekend. Democrats and Republicans split into two camps to work on their own proposals.
Financial markets were uneasy in Asia and Europe on Monday about the prospect of a first-ever U.S. debt default, which Fed Chairman Ben Bernanke has said would be a "calamitous outcome" for the U.S. and the global economy
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