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Congress misses budget deadline

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WASHINGTON, D.C. (CBS) - Congress missed it's deadline to pass a new budget and now 16 days later, there is a growing possibility it could miss another deadline.


A House bill aimed at avoiding the so-called debt ceiling collapsed Tuesday, so Senate leaders resumed their talks last night. Majority Leader Harry Reid and Minority Leader Mitch McConnell are working toward a compromise that would re-open and fund the government and increase the debt ceiling for a few months.

As of tomorrow, the government will no longer have the authority to borrow money to pay some of its bills. That puts the country at risk of defaulting on loans. 

"This isn't what Russia is doing to us. This isn't what China is doing to us. This is what the House of Representatives is doing to us," says Senator Barbara Mikulski, a Democrat from Maryland.

 


Because of Senate rules, it takes days to pass bills even if the legislation has bipartisan support. That process can be sped up, but it requires the approval of all 100 Senators.
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