Senate rejects House GOP budget-cutting plan

WASHINGTON (AP) — President Barack Obama and House Speaker John Boehner pressed their search today for an elusive debt-limit compromise as the Senate rejected a House plan containing deep spending cuts and for the moment put aside a last-ditch fallback option. The 51-46 party-line Senate vote, and a decision by Senate Majority Leader Harry Reid, D-Nev., to cancel weekend Senate sessions, left unresolved the urgent issue of how to lift the nation’s borrowing powers to avoid a first-ever U.S. default on Aug. 3.