AP Top News at 4:47 p.m. EDT

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WASHINGTON (AP) — In a blunt challenge to President Barack Obama, House Republicans drafted legislation Monday to avert a potentially devastating Aug. 2 government default — but along lines the White House has already dismissed. U.S. and world financial markets shrugged off the uncertainty. “This is a city where compromise is becoming a dirty word,” Obama lamented as congressional leaders groped for a way out of a looming crisis.

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