US Debt Talks - WAOW - Newsline 9, Wausau News, Weather, Sports

US Debt Talks

(CNN)--The Fourth of July has passed, but there will probably still be some fireworks in Washington DC today (Tuesday).

Senators are scheduled to debate the possibility of increasing the federal government's debt ceiling.

House members are expected to tackle the topic on Wednesday.

Raising the debt ceiling would give the government the ability to borrow more money.

Republicans don't want an increase unless deep spending cuts are involved and tax hikes are avoided.

Democrats say they want to end the loopholes and tax breaks for wealthy Americans, while preventing cuts of some social services.

Officials with the Treasury Department and economic analysts say there would be dire consequences if the ceiling isn't raised by the first week of August.

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