The Next Financial Fight

Monday, April 11, 2011 - 7:31am

Another financial battle in Washington could be just around the corner.

"There is no way that we Republicans are going to support increasing the debt limit without guaranteed steps being put in place to ensure that the spending doesn't get out of control again," said House Majority Leader Eric Cantor.

14-point-3 trillion dollars is the most America can borrow and we're on track to hit that limit in May.

Congress can raise the ceiling, but Republicans prefer to spend less.

Chairman of the House Budget Committee Paul Ryan said, "We want to move from talking about saving billions of dollars to going on to saving trillions of dollars."

Senior White House Advisor David Plouffe said, "The Speaker of the House, John Boehner, has said if we didn't raise it, it would bring a financial disaster both in this country and around the world.”

On Wednesday, President Obama will lay out his plan to reduce America's red ink, including what could be unpopular cuts in the biggest parts of our budget: Social Security, Medicaid and Medicare.

The Republicans' 2012 budget makes major cuts, but with tax breaks for the rich. Democrats say it hurts working families.

New York Senator Chuck Schumer said, "Ours shares sacrifice across the board. And yours is just aimed at middle-class people."

In a poll before last week's budget deal, 58 percent of Americans said they're looking for compromise.

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