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US democrats worried on taxes

business Updated: Jul 22, 2011 21:17 IST

President Barack Obama failed to satisfy Democratic congressional leaders about a possible debt reduction deal he is negotiating with House of Representatives Speaker John Boehner, a senior Democratic aide said on Friday.

The aide said Democrats see no guarantees of additional revenue in the possible 10-year deal, which would provide $3 trillion in spending cuts.

Efforts to avoid a US default were underway in Washington with President Barack Obama and top lawmakers sought a last-minute deficit-reduction deal before the August 2 deadline to raise the debt ceiling.