–Senate Majority Leader Reid: Senate To Focus On Debt Hike Next Week
–Sen. Reid: ‘We Need To Stay On Top of This’
–Sen. Durbin: ‘Got To Get This Done And Done Quickly’
–Sen. Schumer: McConnell’s Invitation To Obama Was ‘Stunt’

By John Shaw

WASHINGTON (MNI) – Senate Majority Leader Harry Reid said Thursday
that the Senate will focus intensely next week on trying to craft a
bipartisan “arrangement” to pass debt ceiling legislation “quickly.”

At a briefing with Senate Majority Whip Dick Durbin, Sen. Chuck
Schumer, and Sen. Patty Murray, Reid said it was necessary to cancel the
Senate’s Fourth of July recess next week to focus on a host of related
economic issues.

“We are going to focus on the economy,” he said.

“We are going to stay on top of this,” Reid said.

Reid said the “main obstacle” to passing an increase in the debt
ceiling is the “stubborn insistence” by congressional Republicans to
keep revenues out of a final deficit reduction agreement.

He said a bipartisan agreement is necessary on the debt ceiling.
“It takes both sides to get something done,” he said.

Reid said Senate Democratic leaders met with President Obama at
length Wednesday and the talks considered “four ideas” for resolving the
debt impasse. He did not say what these options are.

“There are all kinds of proposals being made,” Reid said, adding it
would be “very, very unfair” not to include revenue increases as part of
the deficit reduction agreement.

Reid said Senate Democrats will review a budget plan next Tuesday
by Senate Budget Committee Chairman Kent Conrad. Conrad has said that
his plan will be based on the work of the Simpson-Bowles commission,
cutting the deficit by $4 trillion over a decade.

Reid said Senate Democrats will also meet with President Obama and
Vice President Biden next Wednesday and key members of Obama’s economic
team on Thursday.

“We really don’t have a moment to waste,” Reid said.

Durbin, the second ranking Senate Democrat, said passing a debt
ceiling increase is a matter of great urgency. “We got to get this done
and done quickly,” he said.

“It’s crunch time,” Schumer said, adding that both parties need to
“hold hands and do this together.”

Schumer blasted Senate Minority Leader Mitch McConnell for going to
the Senate floor earlier in the day and inviting Obama to come to the
Capitol today to meet with Senate Republicans regarding their demand not
to allow revenues to be part of the final agreement.

“We don’t need political stunts,” Schumer said.

The U.S. has already reached its $14.29 trillion debt ceiling.
Treasury Secretary Tim Geithner has said that Congress must pass
legislation increasing the debt ceiling by August 2.

** Market News International Washington Bureau: (202) 371-2121 **

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