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Party leaders refuse to budge on debt positions

Republicans and Democrats are refusing to budge when it comes to their already hardened positions on spending cuts versus tax increases to deal with the nation’s debt.

House Speaker John Boehner, R-Ohio, and Senate Minority Leader Mitch McConnell, R-Ky., both said Sunday that when Congress is asked to raise the nation’s borrowing cap after the election, they’ll insist on spending cuts to offset the increase. Democratic leaders countered that the GOP stance was irresponsible, given that the partisan showdown over the debt ceiling last year caused a downgrading of the U.S. government’s credit rating.

“If the president is going to ask us to raise the debt ceiling, and he will early next year, we do need to have another serious discussion about trying to do something significant about the deficit and the debt,” McConnell said

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