Reid: Senate will stay in session, meet on Saturdays until debt-limit deal is reached

Senate Majority Leader Harry Reid (D-Nev.) announced the Senate would stay in session — including on weekends — until a deal on raising the debt ceiling is reached.

"The Senate has no more important task than making sure the United States does not fail to pay our bills for pre-existing obligations like Social Security for the first time in our history," Reid said in a statement Monday. "To ensure that we meet this responsibility, 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."

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Reid's announcement comes as time dwindles down ahead of the Aug. 2 deadline, which is when the Treasury Department says the U.S. will default on its debt if the ceiling isn't increased.

President Obama, Vice President Biden, and both Democratic and Republican congressional leaders met over the last week to try and reach a compromise on a deal. Still, Republicans and Democrats appear to have dug in and refused to move on their respective positions. Republicans don't want a deal to include tax increases, while Democrats think any deal needs added revenues to reduce the deficit.

On Sunday Obama met with House Speaker John Boehner (R-Ohio) and House Majority Leader Eric Cantor (R-Va.) to discuss the debt-ceiling deal impasse. There are no meetings scheduled for Monday.