House approves debt bill; Senate rejects it

By DAVID ESPO - AP Special Correspondent
AP – 15 mins agotweet6ShareEmailPrintRelated ContentHouse Speaker John Boehner of Ohio gives a thumbs-up as he leaves the House Chamber …



Senate Majority Leader Harry Reid of Nev., steps away from the microphone after speaking …

WASHINGTON (AP) — In an unforgiving display of partisanship, the House approved emergency legislation Friday night to avoid an unprecedented government default and the Senate scuttled it less than two hours later.



The final outcome — with the White House and Senate Democrats calling anew for compromise while criticizing Republicans as Tuesday's deadline drew near — was anything but certain.



"We are almost out of time" for a compromise, warned President Barack Obama as U.S. financial markets trembled at the prospect of economic chaos next week. On Wall Street, the Dow Jones industrial average was down for a sixth straight session.



The House vote was 218-210, almost entirely along party lines, on a Republican-drafted bill to provide a quick $900 billion increase in U.S. borrowing authority — essential