The president needed an increase in the federal debt limit. His partisan adversary, a powerful Ohio congressman, wanted something in return: deep spending cuts.The president was Richard M. Nixon, the congressman was Charles A. Vanik and the year was 1970. Mr. Vanik, a Democrat on the Ways and Means Committee, did not win his $6 billion in spending cuts (equivalent to $34 billion today).
Source: http://www.realclearpolitics.com/2011/05/17/politics_rule_the_debt-limit_fight_255555.html
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