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Congress Scrambles for Debt Deal

Before Asian markets open late Sunday.

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Kevin Dietsch, UPI / Landov

Congressional leaders are scrambling to reach a deal to tame the nation's debt, hoping to announce a plan before Sunday night to avoid spooking Asian markets. A failure to forge a compromise and avoid default could send stocks plunging. Talks between House Speaker John Boehner and President Obama broke down Friday, but the leaders want to show "some sign of progress" soon over talks to cut federal spending and free Congress to raise the nation's borrowing limit.

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