1. Deadline

    Treasury Choosing Bills to Pay

    In this Jan. 5, 2011, file photo Sen. Charles Schumer, D-N.Y., is administered a ceremonial Senate oath by Vice President Joe Biden in the Old Senate Chamber on Capitol Hill. At the start of the 112th Congress this month, and in a rare moment of agreement, Republican leader Mitch McConnell and Senate Majority Leader Harry Reid, D-Nev., suggested that Schumer and and Lamar Alexander, R-Tenn., lead a working group to study ways to streamline the unwieldy, unproductive confirmation process.

    Manuel Balce Ceneta / AP Photo

    The Treasury Department will soon have to face the same tough choices as any cash-strapped household: which bills to pay? Officials said Wednesday the Treasury will discuss which bills to pay later this week if Congress and President Obama do not reach an agreement about raising the debt ceiling by Aug. 2. Although several analysts have suggested there might be enough money until Aug. 10, White House Press Secretary Jay Carney said the government is “basically running on fumes from midnight Aug. 2 forward.” Meanwhile, Vice President Biden and Senate Minority Leader Mitch McConnell will remain in talks to defuse the growing tension between the two sides of the debt debate—which has apparently gotten so personal that each side says the other needs to find a way to save face before reaching a deal.

    Read it at The New York Times