White House, Congress No Closer to a Deal on Spending and Debt

Spending within your means is hard!

If you thought the fiscal cliff was bad, just wait for the triple threat.

The White House and Congress are facing three critical deadlines — the country hits its debt limit as early as mid-February, $1.2 trillion in automatic spending cuts take effect March 2, and the government runs out of money to fund operations later that month.

There is no real optimism among Republicans and Democrats that the standoff will end quickly, or painlessly. The strategy of each party rests largely on the other one folding.