In the looming fight over raising the debt limit, Washington will have its eye on two deadlines: July 2011 and November 2012.

Man_Holding_Money_BagsJuly 2011 is the date by which Congress will likely have to act in order to ensure that the United States doesn’t default on its $14 trillion in accumulated debt.

November 2012 is when President Barack Obama and most members of Congress will face voters.

What has often been a routine, if unpleasant, vote could this year turn into a battleground in the 2012 campaign as Republicans and Democrats advance clashing ideological visions of the nation’s priorities.

Fresh from pushing through the largest domestic spending cuts in history, Republicans hope to use the debt limit debate as a vehicle to win bigger cuts and satisfy conservative Tea Party activists who handed them control of the House of Representatives last year.

They will also promote a deficit-reduction plan that relies on permanent spending curbs, lower taxes and scaled-back government health programs as they try to wrestle control of the White House and the Senate from Democrats.

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Source: Andy Sullivan | International Business Times