ABC News
With just days until the deadline for the nation to default, the Senate now is racing against the clock to pass a bipartisan debt ceiling agreement and avoid what would be an economically catastrophic failure to pay the country's bills. Debate began Thursday morning as the chamber's leaders urged swift passage of the Fiscal Responsibility Act, with critics voicing their concerns with the bill. "Time is a luxury the Senate does not have if we want to prevent default," Majority Leader Chuck Schumer, D-N.Y., said in remarks from the floor.