Debt Limit Drama Returns to Political Stage

The political war over the debt ceiling is back. And the drama looks poised to play out much as it has in the past: with partisan rancor and brinkmanship.

The Treasury Department on Friday began taking preliminary steps to extend the length of time before breaching the federal borrowing limit, which technically will be reached Sunday when a congressionally imposed suspension expires.

Treasury’s emergency moves, along with the government’s best revenue outlook since the recession, are expected to offer a relatively long r