FILE - This March 25, 2010 file photo shows Rep. Michael Burgess, R-Texas during a news conference on Capitol Hill in Washington. The president says he absolutely will not let Republicans threaten a debt ceiling crisis to extract deeper federal spending cuts. Burgess's take? �It's the most preposterous thing I've ever heard,� the Texas Republican said. �He's going to have to negotiate.� (AP Photo/Lauren Victoria Burke, File)
WASHINGTON (AP) — President Barack Obama says he absolutely will not let Republicans use a debt ceiling crisis to extract deeper federal spending cuts. Congressional Republicans of all stripes say Obama has no choice but to accept the spending cuts they want in exchange for a hike in the national debt limit.
The two sides might reach a mutual agreement before the matter becomes a crisis in March, or possibly late February.
But the tough talk suggests this year's political fight could be even nastier and more nerve-grating than the recent "fiscal cliff" showdown. It revives memories of the 2011 brinkmanship that triggered the first-ever downgrade of the nation's credit-worthiness rating.
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