The U.S. government is projected to slam into the $14.3 trillion legal cap on government borrowing sometime this spring. As the price of their vote to allow the government to go further into debt, congressional Republicans are demanding far deeper cuts than the $38 billion they got last week in the deal to fund the government for the last six months of the 2011 fiscal year.
Failing to raise the debt ceiling would have much more dire consequences than a shutdown, with Treasury SecretaryTimothy Geithner predicting last week that it would “call into question the willingness of the government of the United Statesto meet its obligations,” and “shake the basic foundations of the entire global financial system.” Read more on source
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