Senate cancels 4th of July recess
Lately, all of the talk at Capitol Hill has circulated around one subject – the debt ceiling. Republicans refused to raise the limit which the U.S. can borrow with no other conditions, so now both parties have reached a stalemate.
Multiple economists have warned that passing the deadline – which is set for August 2 – without reaching an agreement could result in disastrous consequences, whether that means another recession, rising inflation or the plummeting value of the U.S. dollar.
Still, it has been a battle for Democrats and Republicans to agree on much more than that. Republicans are adamant about cutting spending and have recently taken aim at entitlement programs. On the other hand, Democrats are looking to raise taxes on the upper middle class to fund some of the cost-cutting efforts.
Today, Senate Majority Harry Reid highlighted the importance of the crisis by announcing that the Chamber would not take its traditional July recess, instead working to hammer out an agreement before August.
"Mr. President, it is often said that with liberty comes responsibility," he said, according to Politico. "We should take that responsibility seriously. I'm confident we do. That’s why the Senate will reconvene on Tuesday, the day after the Fourth. We'll do that because we have work to do. We'll be in session that week – that's next week – with our first vote on July 5."
While some Republicans may have ran on a platform of not raising the debt ceiling and spending more money that the nation doesn't have, Time magazine claims that the number of lawmakers who will stick to that pledge is in the minority.
"Most Republicans are keenly aware of the damage of letting the debt ceiling lapse would do to the economy – and to their electoral chances," the publication reports.