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Will the US Reach a Debt Deal by August 2?

Global markets are bracing for the worst-case scenario as the prospect of a U.S. debt deal appears to be fading.

House Speaker John A. Boehner and the Senate majority leader, Harry Reid, are now preparing separate backup plans to raise the nation’s debt ceiling, after U.S. President Barack Obama and congressional leaders on Sunday struggled to break a partisan deadlock on a budget deal.

The U.S. risks the unthinkable — a downgrade of its credit ratings should Washington fail to lift its debt ceiling by August 2 and goes into default.

We want to know what you think: in light of the latest developments, will the U.S. still reach a debt deal by August 2?

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