Debt Deal Must Come by Mid-July to Avert Default, Officials Say
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Negotiators will need to reach agreement on raising the U.S. debt limit no later than July 22 so that legislation can get passed in time to stave off a default on U.S. debt, two Democratic officials familiar with the talks said.
The Senate yesterday canceled its July 4 recess to remain in session next week during debt-limit talks after President Barack Obama a day earlier called on Congress to stop taking vacations while the debt-ceiling talks are unresolved.