Clock ticking toward debt deadline

House Republicans are trying for a third day Friday to pass a debt-ceiling bill that has almost no chance ofsurviving the Senate, even as the clock ticks closer to next week's deadline for avoiding a potentially calamitous government default.

Republican House Speaker John Boehner suffered a stinging setback Thursday when, for a second consecutive day, he postponed a vote on his proposal to extend the nation's borrowing authority while cutting federal spending by nearly $1 trillion.

As Republican Rep. David Dreier said: "Obviously, we didn't have the votes."

If Republicans continue to fail to pass a bill, then President Barack Obama and Senate Democrats will have extensive leverage to shape a bill to their liking and practically dare the House to reject it and send the nation in into default.

Vote on US debt crisis postponed

Obama pushing for deal on raising debt ceilingDebt showdown continues in Washington

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