The coming fight over raising the debt ceiling from its current level of $14 trillion is going to be one of the more interesting tugs of war between the White House and the GOP Congress.In summary, the GOP will insist on deep cuts in the budget as well as probably some kind of budget reform. There may be an effort by Republicans to freeze spending at 2008 levels which would necessarily entail massive budget cuts to departments like Education and the EPA.The White House wants the GOP to shut up, sit down, and just vote, as Austin Goolsbee, the president's economic advisor, made clear yesterday. From The Hill: Top White House economic advisor Austan Goolsbee warned Sunday that a congressional failure to rise the nation's debt limit early this year would be "catastrophic.""It pains me that we would even be talking about this," Goolsbee told ABC's "This Week." "This is not a game. You know, the debt ceiling is not something to toy with. ... If we hit the...(Read Full Post)