...all the action is in the U.S. House of Representatives, where The Hill newspaper recently reported that a majority of the House Republican Conference sent a letter to House Speaker John Boehner (R-OH) and Majority Leader Eric Cantor (R-VA) “laying out conditions to be met before a higher debt ceiling is agreed to.”
The letter “called for discretionary and mandatory spending cuts to halve the budget deficit next year, spending caps to hold Washington’s spending to 18 percent of gross domestic product, and passage of a balanced-budget amendment.”
The devil is in the details. "Caps to hold....." begins when? And what does that do to the national debt?