A bill to raise the federal debt ceiling goes to the Senate today, but analysts say the U.S. will still see a downgrade in its credit rating.
Reich says government spending would revive the economy and put more people to work.
The deadline is looming as is the possibility the country will have to default on its $14.3 trillion of debt.
The recent debt ceiling debate between Democrats and Republicans has invited dissident voices within the GOP, fracturing the party's image of solidarity.
President Obama pleaded with Congress to come to an agreement on debt talks in his speech to the American public on Monday.
The UAW wants to bring back lost jobs and reopen closed factories, but automakers are still wary of a low-demand market.
Greece will receive a second bailout, in the amount of 109 billion euros, or $157 billion.
The changes being discussed in Washington will have a profound impact on the incomes and lifestyles of middle-class Americans.
The emergency summit a 'make-or-break' moment for Greece, which may have to exit the Eurozone due to its debt crisis.
After Greece, Italy is the latest Eurozone country to come under pressure from financial markets.