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BUMMER Senate Won’t Get July 4 Vacation Glow Images / AP Photo

Senate Won’t Get July 4 Vacation

And no dessert until you finish your dinner, either! Senators won’t get time off for the July 4 holiday because they haven’t made enough progress on raising the debt ceiling. Majority Leader Harry Reid announced Thursday that legislators will be back in Session on July 5 instead of getting the week off. The nation is expected to hit its debt ceiling on August 2, at which point there’s a risk of default and lowering of the national credit rating—something economists say would be catastrophic for the economy. Furious negotiations on deficit-reduction deals have so far come to naught. During his press conference Wednesday, President Obama scolded Congress for its failure to do its job and deal with the problem.

June 30, 2011 10:16 AM