The United States will avoid the “fiscal cliff” if the House quickly passes the Senate’s budget deal, but the deal sets up a massive spending showdown in just a matter of weeks.
Many Republicans are eager for the fight and believe once they are no longer seen as protecting millionaires, it will put them back on offense.
“We’ve taken care of the revenue side of this debate. Now it’s time to get serious about reducing Washington’s out-of-control spending. That’s a debate the American people want. It’s the debate we’ll have next. And it’s a debate Republicans are ready for,” Senate Minority Leader Mitch McConnell (R-Ky.) said early Tuesday.
Most importantly, the deal does not raise the nation’s $16.4 trillion debt limit. On Monday, the U.S. hit that limit and began taking extraordinary measures to prevent a default on government payment obligations.