Speaker of the House Nancy Pelosi, D-Calif., holds her weekly news conference in the Capitol on Thursday, July 11, 2019.
Bill Clark | CQ-Roll Call Group | Getty Images
Congress will have to scramble to raise the U.S. debt limit and avoid a potential default that would rattle the world economy.
On Wednesday, House Speaker Nancy Pelosi said she would like to vote on a bill to hike the debt ceiling by July 26 — the chamber’s last day of activity before an August recess. She hopes it would give the Senate enough time to pass legislation before it leaves the following week.
Of course, negotiators in Washington will first have to find an agreement that can get through both chambers of Congress. Pelosi said she hopes lawmakers and the White House can reach a deal by Friday, which would allow them to post legislative text over the weekend.
She and Senate Minority Leader Chuck Schumer spoke to Treasury Secretary Steven Mnuchin earlier Wednesday. While officials have cited progress in the…