30 June, 2011

CNN Breaking News

Senate Majority Leader Harry Reid says he's canceling July 4 recess for Senate to deal with the debt ceiling crisis.

Lawmakers must raise the nation's $14.3 trillion debt ceiling by Aug. 2. Otherwise, the Treasury will run out of money to pay the nation's bills in full and on time.

Republicans have demanded that any deal to raise the debt ceiling include deep spending cuts, but they have been reluctant to consider measures favored by Democrats that would increase revenue.

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