Politics
Obama, Republicans grapple with the debt ceiling
Loading ...It may be a while before Washington politics returns to normal after the shooting of Rep. Gabrielle Giffords, D-Ariz. — whatever normal is — but one hard-and-fast deadline is rapidly approaching: The federal debt hitting its legal ceiling of $14.3 trillion.
Treasury Secretary Timothy Geithner told Congress that the government will hit its debt limit by March 31, and failure to raise it will create “catastrophic economic consequences” that could range from government default to millions of lost jobs.
Congressional Republicans, meanwhile, continued to serve notice that they will demand spending cuts before agreeing to an increase in permissible federal debt.
Continue Reading at USA Today.
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