“Fiscal cliff” deal paves way for potential debt ceiling fight

Congress was able to eke out a deal to pull the country back from the “fiscal cliff” last night, but likely teed itself up for an even bigger fight in two months over the debt ceiling.The plan that passed will raise $620 billion in revenue over 10 years and pay down the sequester for two months. It only got 85 votes from House Republicans, with 151 voting against it. Rep. Paul Ryan, R-Wisc., was one of the more notable “yes” votes, though House Majority Leader Eric Cantor, R-Va., and House Majority Whip Kevin McCarthy, R-Calif., both voted against it.And though the deal pulls the country back from painful “fiscal cliff” cuts, it’s only temporary. The sequester is paid down for two months – not-so-coincidentally timed with when the government will reach its spending limit and Congress will have to vote to raise the debt ceiling.From the AP:Continue Reading…

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“Fiscal cliff” deal paves way for potential debt ceiling fight


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