A new law takes effect today that holds colleges responsible for not just responding to sexual violence, but also preventing it.
Who will blink first? Senate Majority Leader Harry Reid says he is crafting a deal that would cut spending by $2.7 trillion to make up for the $2.4 trillion increase in government borrowing.
Republicans say they doubt those cuts are achievable and House Speaker John Boehner favors a two-step process with $1.2 trillion in cuts and spending caps immediately and a $900 billion debt ceiling increase. That would be followed by the creation of a congressional committee that would find an additional $2 trillion in cuts through 2013.
If an agreement is not reached by Aug. 2, the U.S. won’t have cash to pay all its bills. Economic analysts say that could have a catastrophic impact on financial markets.