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In a forthcoming speech at a Pete Peterson event today, John Boehner will say the following, according to Brian Beutler at TPM:…. When the time comes, I will again insist on my simple principle of cuts and reforms greater than the debt limit increase. This is the only avenue I see right now to force the elected leadership of this country to solve our structural fiscal imbalance. If that means we have to do a series of stop-gap measures, so be it – but that’s not the ideal. Let’s start solving the problem. We can make the bold cuts and reforms necessary to meet this principle, and we must.”
Given the confidence hit that happened during the last debt ceiling fight, one can only assume that any similar fight (if it really goes to the wire again) will prompt a similar economic blow, even if there’s no default.
Of course, if Romney wins, we assume that Republicans will quickly drop any pretense of caring about spending.
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