In spending wars, Obama strikes at Republican leverage

Congressional Republicans, frustrated by the failure of earlier efforts to get President Barack Obama to agree to spending cuts, suddenly find themselves in a fight to keep their grip on the one tool they thought would give them better leverage: Their threat to block an increase in the government’s ability to borrow money next month.

That became clear on Monday as Obama used the last news conference of his first term for his most dire - and least wonky - portrayal yet of the woes that would befall the nation if the debt ceiling is not extended.

via Business feed http://www.scmp.com/business/economy/article/1129311/spending-wars-obama-strikes-republican-leverage