Debt Limit Approaches, GOP Gets Tougher

As the U.S. races towards it's debt limit, the GOP warns that permission to drive us deeper into debt will not be given to the socialists without agreement on cutting spending.

One day after being named to a presidential task force to negotiate deficit reduction, House Majority Leader Eric Cantor fired off a stark warning to Democrats that the GOP “will not grant their request for a debt limit increase” without major spending cuts or budget process reforms.

The Virginia Republican’s missive is a clear escalation in the long-running Washington spending war, with no less than the full faith and credit of the United States hanging in the balance. In the most recent budget battle — over a six-month spending bill — Republican leaders carefully avoided threatening to shut down the government.

Now, Cantor says he’s ready to plunge the nation into default if the GOP’s demands are not met. People close to Cantor say that he hopes to make clear that small concessions from Democrats, including President Barack Obama, will not be enough to deliver the GOP on a debt increase.