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Senators Cling to Last Minute Negotiations on Debt Ceiling

WASHINGTON, DC -- Senate Republicans and Democrats worked through the night on a bill to reopen the government and avoid a default. But time is just about up.
WASHINGTON, DC -- Congress missed it's deadline to pass a new budget...and now 16 days later, there is a growing possibility it could miss another deadline.  As of tomorrow, the Treasury Department says the U.S. will reach its debt limit, meaning it will no longer be able to borrow money to pay it's bills. 

Senate Republicans and Democrats worked through the night on a bill to reopen the government and avoid a default. 
Majority leader Harry Reid (D-NV)  and minority leader Mitch McConnell (R-KY) quickly resumed their efforts after talks in the House fell apart.

"We felt blindsided by the news from the House.  But this isn't the first time," said Reid.

The House balked at the senate plan and proposed its own, again, adding provisions that limit the Affordable Care Act.

"Trying to find a way forward in a bi-partisan way that would provide fairness under Obamacare," said House Speaker Rep. John Boehner (R-OH)

But Tea Party Republicans weren't convinced and the House bill died before it was even brought up for a vote.
Conservative House members say their constituents agree the fight over the president's healthcare law is worth it.

"They understand there's a higher principle here," believes Rep. Tim Huelskamp (R-KS)

As of tomorrow, the government will no longer have the authority to borrow money to pay some of its bills...putting the country at risk of defaulting on loans.

"This isn't what Russia is doing to us.  This isn't what China is doing to us.  This is what the House of Representatives is doing to us," accused Sen. Barbara Mikulski (D-MD)

The credit rating agency Fitch has put the U.S. on warning for a donwgrade of its triple a credit rating because of the threat of default.

Because of Senate rules, it takes days to pass bills even if the legislation has bipartisan support.  That process can be sped up, but it requires the approval of all 100 Senators.


(Susan Mcginnis, CBS News)

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