Fiscal Cliff May Be Over; But Other Battles Lie Ahead for President, Congress
Written by Your 5News Team
Last updated on January 07, 2013 @ 9:58AM
Created on January 06, 2013 @ 11:09PM
While the Fiscal Cliff may have been avoided, there are still several looming battles on Capitol Hill that will greatly impact the economy, and your checkbook.
It was early August 2011 when the debt ceiling was last raised, and now if the U.S. government is going to be able to pay all of it's bills on time, Congress will once again need to raise the debt ceiling. President Obama has said that he will not negotiate with Congress on their responsibilities of paying the bills, because the fight last time is how the Fiscal Cliff was created.
House Republicans have said that they won't raise the debt ceiling without negotiations that lead to spending cuts. One member of the community told us that if we can't rely on House Republicans, then we'll have to rely on Senate Republicans and the President to help get the debt ceiling raised.
"With the Senate you've got the entire state electing you. You don't have districts that are pretty much all Tea Party voting representatives in that are mainly anti-government, yet they're part of the government," said Morgantown resident John Scherch.
We also spoke with a third year law student at WVU and he's expecting a long fight, but he doesn't think that Congressional Republicans have the leverage to negotiate on this issue.
"I think you will see a fight play out there, but I also think you will see the Republicans give in after a while," David Estep told 5 News. He added, "The Electorate will kind of take it out on the Republican party if they don't get anything done."
Many economists have speculated that it could lead to another downgrade in America's credit rating and other consequences around the world that could lead to a recession.
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