If GOP candidate Mitt Romney wins the White House, he is likely to face as much of a challenge as President Barack Obama did in persuading conservative Republicans to raise the debt ceiling and avoid a government default.
The Treasury Department reiterated earlier this week that the government will hit its current debt limit before the end of the year but can use the same “extraordinary measures” it employed in the protracted debt ceiling fight in 2011 to postpone potential default until early next year. With some House Republicans resisting a push to deal with the debt limit during the lame-duck session, the window for action will be small for whoever is inaugurated Jan. 20.(Read More)