What Republicans Want in Exchange for Raising the Debt Ceiling

Jim Newell · 04/21/11 02:37PM

The federal government is expected to reach its $14.3 trillion borrowing limit on or around May 16. House Republicans have been demanding deep spending cuts in exchange for a vote to raise this ceiling, even though no congressional leader would really allow the United States government to reach this limit and default on its debt shortly afterwards, thereby destroying the global economy forever.