Finally! The GOP gets fiscally tough Posted by Staff
House Republicans appear to have gotten some of their mojo back. GOP leaders say they will insist that automatic spending cuts (the “sequester”) scheduled to begin on March 1 will be made and that the House will adopt a budget resolution that would lead to a balanced budget within ten years without raising any more taxes. Just a few months ago, they were singing a different, less fiscally tough tune.
On Wednesday, the House suspended the limit on the nation’s debt ceiling. That gives Republican lawmakers nearly four months to sort out what they will demand in exchange for raising it and puts that potentially market-spooking debate off until after budget battles over the scheduled sequester cuts and the expiration on March 27 of a continuing resolution to fund the government. Republicans view the political terrain on those issues as more favorable than that of any confrontation with President Obama and Harry Reid’s Senate over further spending cuts.