Debt ceiling a big question in fiscal cliff deal

To avoid the fiscal cliff house Speaker John Boehner has offered to extend the debt limit for a year as part of a deal. Boehner spokesman Brendan Buck said that any debt limit increase would require cuts and reforms of a greater amount. Talks between Boehner and the White House are ongoing. A one-year extension of the debt ceiling could require more than $1 trillion in spending cuts to meet Boehner’s demand. Currently, the debt is expected to hit the limit in the next two weeks.

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Debt ceiling a big question in fiscal cliff deal