Senate Cancels July Fourth Break to Resolve Debt Ceiling Talks

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Throwing a wet rag on the Senate's vacation plans, Senate Majority Leader Harry Reid announced this morning the Senate has cancelled its Fourth of July recess in order to solve the debt ceiling impasse between Democrats and Republicans, reports CNN Money. "There's still so much to do to put Americans back to work, to cut our deficit and [get] our economy back to work," Reid said. "It is really important that we do this. That moment is too important, the obstacle is too steep and the time too short to waste even a moment." The senators will still get to see the fireworks, they have the 4th off, but they'll have to return to work on July 5.  Yesterday, President Obama urged legislators to work through the weekend to strike a deal on raising the debt ceiling before the August 2 deadline. Negotiations fell apart last week when House Majority Whip Eric Cantor walked away from closed door talks with Vice President Joe Biden. The Los Angeles Times explains: "Republicans and Democrats are split over how to deal with the debt increase coupled with spending cuts. Republicans have ruled out any tax increase, and Democrats insist on what they call a balanced approach that would include revenue increases such as ending some tax breaks. Republicans also argue for deep restructuring of entitlement programs such as Medicare and Medicaid opposed by Democrats."

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