U.S. Senate Cancels July 4 Recess

At the urging of President Barack Obama, the U.S. Senate forgoes its vacation to work on the debt ceiling.

U.S. Senate Majority Leader Harry Reid said Thursday that the U.S. Senate will scrap its scheduled July 4 recess to focus on cutting the deficit, raising the nation's debt ceiling, and creating jobs. Senate will take July 4 off, but will return to work on July 5. The lawmakers have until Aug. 2 to raise the nation's $14.3 trillion legal borrowing limit or the Treasury Department says it will run out of money to pay the nation's bills in full, and on time. Reid said that failure to effectively raise the debt ceiling would send the economy into a "full-fledged depression."