Senate Majority Leader Harry Reid (D-Nev.) has announced that the Senate will stay in session every day until a deal on raising the debt ceiling is done. That includes Saturday and Sunday. Good. Safeguarding the full faith and credit of the United States demands it. Lawmakers are going to need every waking moment available to get this vital work done.
But we’re nowhere near being out of the woods yet. Sure, President Obama just said in the Rose Garden that he, Speaker John Boehner (R-Ohio) and House Majority Leader Eric Cantor (R-Va.) “are making progress” on a debt-ceiling deal. The trio met privately yesterday. Still, the deal must be negotiated. It must pass both the Senate AND the House. And it must pass muster with the market, especially the ratings agencies. We have 15 days until the Treasury exhausts its ability to keep from hitting the $14.3 trillion debt limit. Remember, without an increase in that limit, the United States will not be able to legally borrow money to pay all of the bills it has already incurred. The scary thing is that even with the stakes so high and the time so short, getting to yes on a deal before Aug. 2 is not assured.