Speaker John Boehner made it clear, in which Republicans threatened to default on the credit of the United States if they didn’t get drastic cuts in spending. The debt-ceiling fight last year led to the downgrading of the government’s credit rating, produced an automatic sequester of spending that everyone in Washington loathes, and reduced the popularity of Congress to single digits. When President Obama told Mr. Boehner he didn’t want to go through all that again, asking that the debt ceiling be raised as part of the fiscal-cliff talks, Mr. Boehner had a familiar response, according to Politico: “There is a price for everything.” Mr. Boehner wants to preserve the threat. We cannot let this happen.
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