Now that the so-called fiscal cliff battle is at an end, all’s quiet on the western front, right? Hardly.
The upcoming battle on raising the debt ceiling could be much bigger. Here’s why.
Republicans unfortunately didn’t have a great deal of leverage in the fiscal cliff battle. That’s because the Bush tax cuts of 2001 and 2003 were automatically expiring on January 1st, 2013. President Obama was holding all American taxpayers hostage – threatening to allow everyone’s taxes to go up unless Republicans would agree to throw just wealthier Americans overboard – which eventually happened. I voted against the deal.