Upcoming debate over the debt ceiling could mirror fiscal cliff fiasco

Upcoming debate over the debt ceiling could mirror fiscal cliff fiasco

POSTED: Wednesday, January 2, 2013 - 5:00pm

UPDATED: Wednesday, January 2, 2013 - 5:04pm

President Obama celebrated his win on the fiscal cliff by going back to Hawaii to finish his vacation.

Wall Street celebrated the fiscal cliff fix with a stock rally.

98 percent of Americans are relieved that there will be no tax hike.

Back on Capitol Hill, however, there's more division and anger.

Some Republicans, along with Democrats, are angry at House Speaker John Boehner for delaying a vote on aid to the victims of Hurricane Sandy because of the cost.

Boehner is signaling he's back to a hardline in the budget fights ahead.

So are Senate Republicans.

The fight over defense cuts and Social Services spending were simply postponed two months by Tuesday's fiscal cliff deal.

Another debt ceiling fight, like the one last year that damaged the U.S. credit rating, is also on the horizon.

"I will not have another debate with this Congress over whether or not they should pay the bills that they've already racked up," the president said.

House Republicans pushed back.

"If the president thinks that he's not going to negotiate he'd better think again. He's President of the United States. He's not emperor of the planet," argued Oklahoma's Representative Tom Cole.

This could get scarier than the cliff.

"It may take a default, another downgrade, the serious economic consequences that flow from it to jolt us back to some kind of reality and that's a frightening prospect," says Congressional scholar Norm Ornstein.

  

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