White House, GOP draw red lines in debt debate

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Associated Press

Posted on January 7, 2013 at 2:01 AM

Updated Monday, Jan 7 at 2:01 AM

WASHINGTON (AP) — Congressional Republicans and Democrats are drawing lines in the sand they say they'll never cross when it comes to the U.S. debt limit.

The tough talk on the Sunday morning talk shows doesn't bode well for voters who are frustrated by political gridlock.

Republican Sen. Lindsey Graham of South Carolina says lawmakers "should be fired" if they raise the debt ceiling without a plan to get out of debt.

But House Minority Leader Nancy Pelosi of California insists the two issues — raising the debt ceiling and reducing spending — shouldn't be coupled.

By late February or early March, the Treasury Department will run out of options to cover the nation's debts and could begin defaulting on government loans unless Congress raises the legal borrowing limit, or debt ceiling.

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