The U.S. Senate will hold daily sessions, including on weekends, until legislation is approved to raise the country's borrowing limit, Senate Majority Leader Harry Reid (Democrat from Nevada) announced Monday. “The Senate will stay in session every day, including Saturdays and Sundays, from now until Congress passes legislation that prevents the United States from defaulting on our obligations,” Reid said in a statement. The Treasury has said that unless the legal debt ceiling is raised by August 2, the government will default on some of its financial obligations, including debt payments to foreign creditors. Officials also have said the White House and House of Representatives Republicans must agree to raise the debt limit a week before the August 2 deadline so that legislation can be enacted to avoid a default.
