Updated: July 26, 2011, 12:00 AM
In pictures: US tackles debt crisis
WASHINGTON, DC - JULY 25: Speaker of the House John Boehner (R-OH) (2nd L) holds a brief news conference outside his office with House GOP members at the U.S. Captiol July 25, 2011 in Washington, DC. Boehner announced new legislation that would raise the debt ceiling in two stages and cut $3 trillion in budget cuts. Chip Somodevilla/Getty Images/AFP== FOR NEWSPAPERS, INTERNET, TELCOS & TELEVISION USE ONLY ==
July 25 2011: US Senate Majority Whip Sen. Richard Durbin pauses as he answers questions from members of the media after a caucus with Senate Democrats July on Capitol Hill in Washington, DC. Senate Democrats and Republicans were separately meeting to di???
July 26 2011: Christine Lagarde, managing director of the International Monetary Fund, speaks during a news conference at the Council on Foreign Relations in New York, US. Ms Lagarde said today that a US default "would be terrible" for the US and for the ???
July 26 2011: Money traders work under a currency rate indicator showing the yen-dollar exchange rate at a money market brokerage company in Tokyo, Japan. The dollar slid further today, amid the US debt deadlock. President Barack Obama said in a televis???
July 25 2011: President Barack Obama addresses the nation from the East Room of the White House in Washington, yesterday, on the approaching debt limit deadline. AP Photo/Jim Watson / AP Photo
July 25 2011: Trader Gregory M. Rowe, left, works on the floor at the New York Stock Exchange in New York. The deadlock over raising the US debt ceiling continued to weigh on stocks and the dollar after President Barack Obama warned that his country was???