Baucus warns GOP against ‘playing chicken’ on debt limit
The federal government is expected to reach the current $14.3 trillion debt limit sometime this spring, but Republicans want to use the limit as leverage to obtain spending cuts. If Congress failed to increase the debt limit, the nation would suffer “catastrophic economic consequences that would last for decades,” Treasury Secretary Timothy Geithner told lawmakers in a letter Thursday.
House Speaker John Boehner (R-Ohio) said America cannot be allowed to default on its debt, but any increase to the limit would have to be accompanied by “meaningful action” on spending cuts.
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