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Tom Cole: I Won't Vote for Debt Limit Hike Without Serious Spending Cuts

3:04 PM, Jan 16, 2013 • By JOHN MCCORMACK
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Republicans are also convinced that hitting the debt ceiling would not lead to a default on the debt. It's true that tax receipts would provide the federal government with more than enough money to cover interest payments on the debt and some other vital services, but as the Bipartisan Policy Center points out, tax receipts on any given day may be smaller than interest payments due on that particular day.

Hitting the debt ceiling would be chaotic. The ensuing crisis may very well cost Republicans their majority in the House in 2014. But can they really go on for four more years consenting to Obama’s trillion-dollar deficits without doing anything to cut spending? For most, if not all, Republicans, that's simply unacceptable. That's why, if President Obama refuses to compromise at all on spending, we're likely going to hit the debt ceiling. And once that happens, the end game is anyone's guess.

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