House Speaker John Boehner (centre) said his plan would put the US fiscal house back in order The White House has warned that President Obama could veto a debt limit plan proposed by top House Republicans. Meanwhile, Speaker John Boehner's plan to trim public spending and raise the limit met with resistance from rank-and-file members of his own party.
Ben Bernanke said default on the US debt would be ''a major crisis'' Ratings agency Moody's has said it may cut the US AAA debt rating, citing the "rising possibility" the US could default on its debt obligations. The agency warned the likelihood the US would fail to raise its statutory debt limit in time to avert default was low but not insignificant. It came as a fifth day of cross-party talks l
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