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Senate may cut short July 4th break

It's possible the Senate may come into session next week, a week they are scheduled to be on recess for Fourth of July. Senate Majority Leader Harry Reid will meet with the Democratic caucus this afternoon at 4:30 pm ET to take the temperature of members.

The caucus meeting was previously scheduled by Democratic leadership to readout their meeting with the president this afternoon and bring the members up to speed on the deficit negotiations.

The aide said the sentiment by some senators to stay in Washington during recess was a direct result of President Obama's criticism at the press conference today.

And in a few minutes, several conservative Republicans senators, including Jim DeMint, Kelly Ayotte, Tom Coburn, Ron Johnson, Rand Paul, Jeff Sessions, and Mike Lee, are about to hold a news conference, objecting to recess next week.

All this comes on the heels of President Obama’s news conference today, where he said this: "If by the end of this week, we have not seen substantial progress, then I think members of Congress need to understand we are going to start having to cancel things and stay here until we get it done. You know? They're in one week; they're out one week. And then, they're saying, Obama's got to step in it. You need to be here. I've been here."

So as the Aug. 2nd deadline approaches, where does everything stand?

No one sees any progress or movement. Because of that, Senate leadership aides -- Republican and Democratic – said one way forward could be a short-term deal, maybe something like seven months because of the amount they think they can agree on -- about $1 trillion. 

But that appears to be a non-starter on the House side with Boehner-Cantor. Cantor does not want two votes. Boehner sees this as the time to act.

"This is the moment," Boehner aide Michael Steel said, "no reason to kick the can down the road again."

So that leaves both sides deadlocked -- with neither side seeing a path forward, except one that maybe leads to a shortened holiday.