Reid to Keep Senate in Session Until Debt Limit Raised

Politico reports:

Majority Leader Harry Reid (D-Nev.) announced Monday the Senate will remain in session every day – including weekends – until Congress approves an increase to the nation’s debt ceiling.

“The Senate has no more important task than making sure the United States does not fail to pay our bills for pre-existing obligations like Social Security for the first time in our history, ” Reid said in a statement. “To ensure that we meet this responsibility, the Senate will stay in session every day, including Saturdays and Sundays, from now until Congress passes legislation that prevents the United States from defaulting on our obligations.”

Treasury officials have warned that Congress needs to raise the $14.3 trillion debt limit by Aug. 2 when the government is expected to run out of money to pay its bills.

With debt talks stalled between President Barack Obama and House GOP leaders, Reid and Senate Minority Leader Mitch McConnell (R-Ky.) are working on a fallback plan that calls for some spending cuts and would hand Obama broad authority to hike the debt limit.

The Republican-led House plans to vote this week on a proposal backed by conservatives to “cut, cap and balance” the budget, but the plan has little chance of passing the Senate and Obama threatened Monday to veto the bill should it reach his desk.

Earlier this month, Reid cancelled the Senate’s weeklong Fourth of July recess after Obama chided Congress for leaving town with the debt issue unresolved and Republicans threatened to block the chamber from adjourning.