The Washington Monument is seen behind White House on July 31, 2011 in Washington, DC. US President Barack Obama and top lawmakers raced against the clock Sunday in hopes of hammering out a deal that would avert a disastrous US debt default and a downgrade in its credit rating. Obama, his Democratic allies, and his Republican foes have been hunting for a breakthrough deal that would ensure the world's richest nation will have cash to pay its bills past a midnight Tuesday (0400 GMT Wednesday) deadline. Credit: AFP/Getty Images