Congress could raise the debt limit anytime now, if lawmakers agreed, before resolving the fiscal cliff. But it's being discussed as part of the bigger tax-and-spending package. The White House says raising the debt limit must be included in the deal; Boehner says the Republicans want any increase in the government's borrowing to be matched by spending cuts.Remember the last debt limit showdown? The government came within a whisker of default in August 2011 before a compromise was reached. The financial markets reeled. Standard & Poor's downgraded the nation's credit rating.
How Far Over The 'fiscal Cliff' Could They Go?
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