Reid: US stands at 'brink' of default

Senate Majority Leader Harry Reid (D-Nev.) on Tuesday warned that the U.S. now stands at the brink of default and called on Republicans to join Democrats in brokering a deal to raise the nation's debt ceiling.

"For the first time, the United States of America stands at the brink of defaulting on our financial obligations," Reid said. "Unless we take action, tarnishing this country's sterling reputation would be the least of our concerns."

"We no longer have months or even weeks to avert this catastrophe; we have days," warned Reid. 

Reid's remarks came on Tuesday as the Senate returned to Washington to work during the week following the Fourth of July holiday for the first time in decades. The Treasury says that if the debt ceiling is not lifted by Aug. 2 the U.S. will begin to default on its financial obligations.

This week we will debate a solution to this crisis whether the Republicans like it or not," Reid said. 

Minutes after completing his remarks, Reid filed cloture on a piece of legislation he authored that would express the "Sense of the Senate" that taxpayers earning $1 million or more each year should "make a more meaningful contribution to the deficit reduction effort."

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