Senate Majority Leader Harry Reid (D-Nev.) announced that the Senate will stay in session next week to deal with the debt limit crisis.

Reid said the Senate would hold its first vote Tuesday, the day after the Fourth of July, probably in the afternoon.

“There’s still so much to do to put Americans back to work, to cut our deficit and put our economy back to work,” Reid said. “It is really important that we do this. That moment is too important, the obstacle too steep and the time too short to waste even [one] moment.”

Reid warned that failure to deal with the debt limit would lead to a worldwide depression, and he urged Republicans to put aside politics to reach a deal.