Posted by Brian
House GOP Gives Obama An Ultimatum On Debt Ceiling
by Emily Miller
Posted 01/17/2011 ET
Updated 01/17/2011 ET
national debt ceiling.
Specifically, the GOP wants Obama to agree to cut government spending back to 2008 levels, put a spending cap on discretionary spending, and reform the budget process.
The GOP blames Obama and the former Democratic Congress for the out-of-control government spending that led to the rapid increase in debt.
The United States now has a record-setting $14 trillion in debt, and will hit the current statutory debt limit of $14.3 trillion as early as March.
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