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Republicans Plan Vote on Clean Debt Ceiling Hike

Chestertonfan Wrote: Jan 19, 2013 10:00 PM
The real danger is a rise in interest rates while congress fiddles. A 2% rise in rates is $330 billion of increased ANNUAL costs once the rise works its wa through the term structure of the debt. What about 4%? Unless a new direction is set quickly, an economic black hole coul negate any spending cuts and overwhelm America. This is so bad. These dopes don't realize that virtually every economic collapse-public or private, has at its root too much leverage.
During a strategy retreat to Williamsburg, Virginia, leadership in the House GOP caucus took the opportunity to rally Republicans around a short-term debt ceiling increase that would come without any significant movement on deficit reduction.

House Republican leaders Friday offered President Barack Obama a three-month reprieve to a looming, market-rattling debt crisis, backing off demands that any immediate extension of the government's borrowing authority be accompanied by stiff spending cuts.

Republicans hadn't settled on full details, but the measure would give the government about three more months of borrowing authority beyond a deadline expected to hit as early...