LiveWire

Congress has allegedly avoided the mythical fiscal cliff (a cliff of their own making), only to find they're now on a collision course with the debt ceiling. Actually, the collision has already taken place, but Timmy Geithner has used his masterful accounting skills and some magic to postpone the economic whiplash we will doubtlessly incur unless Congress jacks up that pesky debt ceiling soon. Republicans are dug in and ready to do battle, demanding spending cuts in return for raising the debt limit. Nonsense, says Nancy Pelosi, no debate or compromise required. Nan claims the President can just hike that debt limit all on his own using the 14th Amendment.