“Backing down from their hard-line stance, House Republicans said Friday that they would agree to lift the federal government’s statutory borrowing limit for three months, with a requirement that both chambers of Congress pass a budget in that time to clear the way for negotiations on long-term deficit reduction,” the New York Times reports.
But the Washington Post notes the strategy “faces an uncertain future with Democrats, who fear that dragging out the debt ceiling fight into the spring would inject new and harmful uncertainty into the economy.”
Mark Halperin: “Right now, the most important dynamic in the fiscal cliff fight is the advantages the Democrats have: the President is more popular than congressional Republicans; Democrats are more united than Republicans on strategy and tactics; and the President is about to have unmatchable platforms with the inauguration and State of the Union.”
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