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U.S. Stocks Pare Loss as White House Plans Meeting Over Debt

U.S. stocks pared losses as the White House said the president and vice president will meet with congressional leaders this afternoon, spurring optimism that a deal will be reached to lift the debt ceiling.

President Barack Obama and Vice President Joe Biden will meet with congressional leaders at 3 p.m. in Washington, the White House said in statement. Obama will make clear the need for Congress to act to pay nation’s bills and reopen the government, the statement said.

The Standard & Poor’s 500 Index was down 0.1 percent at 1,701.2 at 12:01 p.m. in New York after losing as much as 0.7 percent earlier.

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