WASHINGTON -- Once again, Speaker John Boehner (R-Ohio) and President Barack Obama find themselves in a standoff over how to raise the nation's debt ceiling.
The scenario is reminiscent of the political fiasco, and near economic calamity, that occurred during the summer of 2011, when congressional Republicans demanded that the debt ceiling not be raised unless it was accompanied by spending cuts of the same or greater magnitude. Only this time, the showdown is taking place amidst a massive debate over the future of U.S. tax policy and the push for major entitlement reform.
White House Press Secretary Jay Carney declined on Wednesday to say whether it was the administration's hope that debt ceiling be resolved in any grand-bargain deal that takes place during the lame-duck session.
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