House Republicans are holding a vote today on their debt ceiling measure despite Senate opposition and White House threats of a veto. Democrats and Republicans remain at an impasse just five days before the August 2 deadline. On Wednesday, White House Press Secretary Jay Carney also said the Treasury Department may soon have to decide who will get government checks and who will not, if the Treasury loses borrowing authority. Carney also rejected calls for a temporary extension for the two sides to reach an agreement.

Jay Carney: “An extension only adds to the great uncertainty that is already having an impact on markets and the economy. It only casts further doubt around the globe as well as around the country on whether or not Washington can get its act together. The greatest country in the world, the strongest economy in the world, the rock solid, gold standard haven for investors around the world for a hundred year, can we function?”