“If we don’t act to reduce our debt, this country could very well experience a crisis that makes the economic meltdown of 2008 look like a slow day on Wall Street," said McConnell. “It’s coming right at us. Anyone who continues to pretend otherwise isn’t just deluding themselves — they’re deluding the American people. The crisis is here. The time to act is now."

The Treasury Department said Monday it has extended the deadline for raising the federal debt ceiling to Aug. 2 and will use extraordinary maneuvers to keep the U.S. out of default in anticipation of Congress not raising the debt ceiling before it is breached on May 16.