Political negotiations on the debt ceiling are coming down to the wire. With just four days until the August 2 deadline, by which Congress must agree on a budget plan or default, House Speaker John Boehner delayed a vote on his debt ceiling legislation last night, after a long day of vote counting and arm-twisting failed to secure immediate support for his plan from conservative Republicans. The delay surprised the Democrats, who were expecting to kill the plan in the Senate, and move ahead with their own proposal. Louise Story, Wall Street and finance reporter for our partner, The New York Times, talks about the economic impact of the stalled debt negotiations, and the limited power of the Federal Reserve Bank during this crisis.
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