House members were on their holiday break Wednesday, having left behind them an impasse that could result in a middle-class tax hike in a matter of days.

House members headed out for their holiday break without agreeing on a payroll tax cut extension. The tax cut saves the average American family $1,000 a year.

WASHINGTON (Reuters) - Here is what is happening on Friday as lawmakers scramble to close in on a deal for Congress to raise the government's $14.3 trillion borrowing limit by an August 2 deadline and avoid a debt default:

The White House and top US lawmakers scrambled Sunday for a deal to stop the world's richest country from ruinous default on its debt, hours before Asian financial markets opened.

President Noynoy Aquino ’s statement that he will not be returning to public office after his term expires in 2016 has brought some members of the House of Representatives to say that his term may be the “ best time ” to consider the controversial matter of charter change . read more...