The fight over raising the nation’s debt ceiling has officially begun.
Analysts don’t expect that the nation’s debt limit will need to be raised before mid-October or mid-November, but House Republicans and the White House are already trading familiar words about the process.
“We’re not going to raise the debt ceiling without real cuts in spending. It’s as simple as that,” House Speaker John Boehner told reporters at a press conference Tuesday.
Boehner advocated a hardline approach to negotiations. Specifically, he invoked the so-called “Boehner rule” — matching spending cuts for each dollar raised in the nation’s borrowing limit — as a method of negotiation.
“I believe the so-called Boehner Rule is the right formula for getting that done,” Boehner said of a hike in the debt limit.
Meanwhile, the White House has been reaffirming its position that President Barack Obama won’t negotiate over raising the debt ceiling. He has said it’s Congress’ job to appropriate the amount of spending they have authorised in passing laws.
Republicans and Obama have been down this path twice before — first, in a memorable, bruising summer 2011 fight that left the U.S. on the brink of default and led to a credit downgrade from S&P.
Early this year, seeking to limit fallout from the battle over the “fiscal cliff,” Republicans helped pass a bill that suspended the debt ceiling for a three-month period.
This time around, Republicans are signaling that they will demand concessions for any hike in the debt ceiling.
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.