As a weary Washington assesses the “fiscal cliff” deal, a debt-ceiling showdown looms on the horizon. There are a number of reasons to believe that the standoff — expected sometime in February or March — will be even more difficult to resolve than the last debt-ceiling impasse in the summer of 2011.
In the 2011 showdown, House Speaker John Boehner established the principle that every dollar increase in the debt limit would have to be accompanied by a dollar cut in government spending. The final deal allowed for at least $2.1 trillion in debt-limit increases offset by promised spending cuts and did not raise taxes.
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