Congress has until Aug. 2 to raise the federal borrowing limit or the government will run out of money and possibly default on its debt. House Republicans say they won't raise the debt limit without equal spending cuts. President Barack Obama and Democrats insist that higher revenues must be included.
Monday's developments: Obama says the two sides are "making progress" in negotiations. Senate Majority Leader Harry Reid, D-Nev., says the Senate will meet each day until the issue is resolved.
What's Next: Republican House to vote Tuesday on bill to cut and cap spending and require that Congress pass a balanced budget amendment before the debt ceiling can be raised. While the bill is unlikely to pass the Democratic Senate, Obama threatens to veto it.
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