(CBS News) Washington barely had time to catch its breath after reaching a deal on raising taxes -- and battle lines are already emerging for the next showdown.
This week, Treasury Secretary Timothy Geitner reported that the U.S. government has reached its borrowing limit: $16.4 trillion. This means that Congress and the president have roughly two months to work out a deal to raise that limit. Republicans are saying no deal without spending cuts.
President Obama returns from Hawaii to a capital city in full inaugural regalia. Republicans have their demands on spending cuts, but Mr. Obama has an inflexible demand of his own: no negotiations over raising the debt ceiling
This week, Treasury Secretary Timothy Geitner reported that the U.S. government has reached its borrowing limit: $16.4 trillion. This means that Congress and the president have roughly two months to work out a deal to raise that limit. Republicans are saying no deal without spending cuts.
President Obama returns from Hawaii to a capital city in full inaugural regalia. Republicans have their demands on spending cuts, but Mr. Obama has an inflexible demand of his own: no negotiations over raising the debt ceiling