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Tick Tock: Debt Deadline Looms

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    Sen. Reid lays out doomsday scenario on Senate floor

  • Duration 1:35
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President Obama says congress has until the end of the week to cut a debt ceiling deal.

Sides are so far apart on this -- the golf is so wide web between what Republicans are -- -- Democrats start -- The August 2 deadline is now two weeks away.

Senator Harry Reid laid out a doomsday scenario from the senate floor to -- what might happen if the deal doesn't materialize.

Every function of government could -- He thought would be a -- that could harm and would -- the nation for years to come her credit rating would take years to rebuild.

There will be much worse -- the Great Depression.

Lights out.

The debt ceiling has been raised 100 times since 1939.

We've had this for about a hundred years and if you look just in the past second we've raised the debt limit ten times but we've never tied it to anything that actually improved the fundamentals anything that controlled the spending.

And thus the increase in debt senate leaders are vowing to work seven days a week until there is a deal house Republicans are working on a plan but the president has -- to veto it.

This is a measure that is designed to duck dodge and dismantled duck responsibility dodge obligations and dismantle eventually if and if enshrined into law which it will not be.

But it would.

Essentially require the dismantlement.

-- our social safety net Social Security Medicare Medicaid.

Worries about debt problems here and overseas drag -- the financial markets on Monday the Dow fell 95 points and shares of Goldman Sachs and JPMorgan traded at their lowest levels in a year.

In New York Ainsley Earhardt Fox News.

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