The deadline has been a long time coming. Treasury started sending letters to lawmakers in January urging them to raise the $14.3 trillion debt ceiling -- which is the U.S. legal borrowing limit.
More than six months have passed.
And still, there is a wide gulf between the positions staked out by Republican and Democrats. This in spite of calls for civility and bipartisanship from every corner, and a week of negotiations at the White House.
But lawmakers still have no clear path forward. Talks have broken down. It's possible that negotiators could be called back to the White House this weekend, but nothing official has been announced.
msnbc and kyw radio announced that the tea party is not going to vote to raise the debt ceiling. John Boehner is looking to get help from the Democrats to get this done. Tea Party is willing to risk default, claiming it will not be the catastrophe that Tim Geitner and Ben Bernanke are claiming.
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