Latest update: 31/07/2011
Eye to eye: Democrats and Republicans refuse to back down
With just a week to go, Democrats and Republicans still can't find a compromise. If the Treasury can't raise extra cash by Tuesday August 2nd, the US will default on its loans. US President Barack Obama wants to solve the problem by raising Washington's debt ceiling, i.e. how much money the country is allowed to borrow. But Republicans strongly disapprove of the plan - and time is running out.