Some Republicans say they're ready to take the debt limit hostage in order to get spending cuts. Sound familiar? But there's a good reason this political cycle keeps repeating itself.
J. Scott Applewhite/AP
[Editor's note: Updated at 1:07 Eastern time.] Remember the "fiscal cliff" – that Armageddon of spending cuts and tax hikes that threatened the send the US economy back to the age of stone tools and woolly mammoth pelts? Well, if Washington is to be believed, that was just a warmup act.
The latest word from inside the Beltway is that Republicans are girding themselves for a fight on what might be called the Fiery Chasm of Fiscal Doom:
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