WASHINGTON — For President Barack Obama, the outcome of this week’s fiscal fights with Republicans could have broad consequences for his stalled second-term agenda.
A favorable deal for the White House might give Obama an opening to marginalize the tea party Republicans who have tried to win concessions from him in order to reopen the government and raise the nation’s debt ceiling. But if no agreement is reached by Thursday’s debt limit deadline, Obama will become the first modern president to preside over a government default, a dubious distinction with potentially calamitous economic consequences that could consume the White House for the foreseeable future.
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