With debt talks ongoing, House cancels recess

GOP leaders have canceled the House’s July 18 recess as debt talks continue, officials said.

Majority Leader Eric Cantor of Virginia announced the change to the House schedule Friday, telling lawmakers the chamber would remain in session that week.

Congress is struggling to craft a deal that would allow a vote on raising the nation’s debt ceiling by August, and all sides have said they hope to have an agreement by July 22.

President Obama chided Congress to stay in session to resolve the stalemate, and the Senate scrapped this week’s planned recess -- though it only took two votes, including one that was essentially a roll-call tally.

Obama has called congressional leaders to the White House on Sunday as aides work over the next several days to compile proposals for a possible deal. All sides are seeking a politically difficult deal that would cut $4 trillion from federal deficits over the next decade in exchange for a vote to raise the nation’s debt limit.

Failure to increase the nation’s borrowing capacity by Aug. 2 would lead to a first-ever national default, a prospect experts have warned would lead to a catastrophic upheaval in the financial markets.

With the recess canceled, the House session for that week will actually begin on Tuesday, July 19. Lawmakers are to consider legislation calling for a balanced budget amendment to the Constitution -- a priority of conservative Republicans.