
Nevada Democrat Harry Reid said there's no more important task than ensuring the U.S. pays its obligations, including Social Security checks. Congress faces an Aug. 2 deadline to raise the debt limit to avoid a market-rattling, first-ever default on U.S. obligations.
Senator Reid is working with GOP leader Mitch McConnell of Kentucky on a plan to give President Barack Obama sweeping authority to issue new debt without approval by Congress. But tea party forces will first have their day with a House vote on a separate plan and a Senate vote on a constitutional amendment requiring a balanced budget.
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