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Clinton confident of debt crisis deal

world Updated: Jul 25, 2011 18:19 IST

US Secretary of State Hillary Clinton said Monday that she was "confident" lawmakers will reach a deal to avert a US debt default amid fears of a fiscal catastrophe.

The top US diplomat, who made the remarks in a prepared speech, was speaking to business leaders in Hong Kong as the White House and top lawmakers scramble to reach a deal to avoid a disastrous default on the country's debt.

"The political wrangling in Washington is intense right now. But these debates have been constant in our political life since before the founding of our republic," she said according to excerpts of the speech released in advance.

"I am confident that Congress will secure a deal on the debt ceiling and work with President Obama to take steps to improve our long-term fiscal outlook," she added.

Democrats and Republicans have been sparring over a measure to raise the $14.3 trillion US debt ceiling, allowing Washington to pay its bills past an August 2 deadline, while cutting $2.7 trillion in spending over 10 years.