U.S. lawmakers begin last-ditch effort on debt ceiling

By Richard Cowan WASHINGTON (Reuters) – The U.S. Senate prepared for a last ditch effort Wednesday to avoid a historic lapse in the government's borrowing authority, a breach that President Barack Obama has said could lead to default and deliver a damaging blow to the global economy. After a day of stop-and-go negotiations, the top Democrat and Republican in the U.S. Senate were said to be close to agreeing on a proposal to raise the debt limit – and reopen the partially shuttered government – for consideration by the full Senate on Wednesday. …