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Senate Majority Leader Harry Reid reported progress Monday toward a deal to avoid a threatened default and end a two-week partial government shutdown as President Barack Obama called congressional leaders to the White House to press for an end to the impasse.
President Barack Obama is sounding an optimistic note saying there has been progress in the Senate toward resolving a standoff over the nation's debt and the partial government shutdown. But he cautions that if Republicans don't cooperate, "we stand a good chance of defaulting."
Senate Republicans and Democrats hit an impasse Sunday over spending in their last-ditch struggle to avoid an economy-jarring default in just four days and end a partial government shutdown that's entering its third week.
Republicans and Democrats in Congress lumbered through a day of political maneuvering Saturday while a threatened default by the Treasury crept uncomfortably closer and a partial government shutdown neared the end of its second week.
Despite a lack of action Saturday from the principal players in the political discourse concerning the fiscal cliff, aides and other staffers behind the scenes are working on the issue.