WASHINGTON - As the August 2 deadline to raise the nation's debt limit approaches, tensions are rising in Washington.
In one month, President Barack Obama and members of Congress on both sides of the aisle predict the U.S. will suffer a major economic blow if the nation's borrowing power isn't raised.
But negotiations have broken down. Republicans have left the bargaining table and Obama is scolding Congress for failing to lead.
"Malia and Sasha generally finish their homework a day ahead of time. Malia's 13, Sasha's 10 -- it is impressive. They don't wait until the night before. They're not pulling 'all nighters,'" Obama said, comparing lawmakers to his children.
The major rub is over tax hikes being pushed by Democrats.
Thursday, Minority Leader Sen. Mitch McConnell invited the president to Capitol Hill to talk it over.
"Any time this afternoon he's available to come on up to the Capitol. And that way he can hear directly from Senate Republicans why what he's proposing won't pass," McConnell said.
Because of the debate, senators will have to pass on their Fourth of July recess. Senate Majority Leader Harry Reid is calling members back to Washington on July 5, forcing them to address the issue.
Republican Sen. Rob Portman, who's also a former director of the Office of Management and Budget at the White House, said the August 2 deadline is no joke.
"There should be more urgency attached to it," he said. "Again, I think it's absolutely imperative that we come up with an agreement and do so before this date at which the government can no longer borrow, because that's what's best for the economy."
Action taken on the debt limit will also have political consequences for the 2012 presidential race.
Thursday, popular comedian Stephen Colbert won approval from the Federal Election Commission to form his "SuperPAC" -- a political action fundraising committee for the 2012 election.
The ruling grants Colbert authority to raise unlimited amounts of money to support or oppose candidates in the upcoming elections.