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House Republicans held their annual retreat this week in Williamsburg, Va., to figure out their next steps. They dropped a demand to have spending cuts for ever dollar the debt ceiling is raised, at least for the next three months. GOP lawmakers are now pinning their hopes for deficit reduction on other looming budget battles.
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GOP leaders in the House say that will give Democrats in the Senate time to pass a budget that cuts spending. And if Congress doesn't pass a budget, they say, lawmakers shouldn't get their full pay. The move could put off another bruising battle over the borrowing limit.
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Some GOP House members argue that if the debt limit isn't raised, the president would have to make choices about what bills get paid. But economists say prioritizing payments — even assuming it would be possible — isn't a great idea.
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President Obama gave the last news conference of his first term on Monday. The president said Congress must break the habit of negotiating its way through crisis over and over again.
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On Monday, President Obama repeated his call to Congress to raise the U.S. Treasury's borrowing limit.
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The president again laid down his position on what's expected to be the next bruising battle in Washington. He made the case that the borrowing limit has nothing to do with future spending. Republicans counter that there's no better time to debate spending.
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With yet another impasse over the debt ceiling looming, the White House may be forced to mull some strange solutions, but it won't be a $1 trillion coin. Weekends on All Things Considered host Jacki Lyden speaks with James Fallows of The Atlantic about the other options on table.
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President Obama says he won't negotiate about the borrowing limit. He says the Congress must raise the debt ceiling to pay for spending it's already OK'd. But Republicans say they'll use the threat of default to get more spending cuts from the White House. Obama still has some options if he and Congress can't reach an agreement.
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President Obama may go into the next round of fiscal battles without his long-time Treasury Secretary. Tim Geithner reportedly plans to step down in January, even as the Treasury Department is scrambling to avoid cracking the government's debt ceiling. Robert Siegel talks with Scott Horsley about that and other personnel changes as the president prepares for his second term.
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First there will be a fight over raising the debt ceiling. Then there's another deadline for deep spending cuts. It's like another Lord of the Rings trilogy — we know at least two more stories are coming and it's clear there's going to be a lot of nastiness before the day is (we hope) saved.