Senate Skipping Vacation To Work On Debt - Spokane, North Idaho News & Weather KHQ.com

Senate Skipping Vacation To Work On Debt

(CNN) -- The Senate will forgo its scheduled recess for the week of July 4 to work on cutting the deficit, Sen. Harry Reid said Thursday.

Both parties are trying to strike a deal on raising the federal government's current $14.3 trillion debt ceiling by the start of August.

President Barack Obama has urged leaders of both parties to negotiate in good faith to reach a deal.

"This is urgent," he said Wednesday.

Top economic analysts have warned of potentially catastrophic repercussions if the ceiling is not raised by August 2, including skyrocketing interest rates and a plummeting U.S. dollar.

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