06/23/2011 01:34 pm ET | Updated Aug 23, 2011

Debt Ceiling Debate: Where GOP Presidential Candidates Stand On Raising Deficit Limit (PHOTOS)

Debate over raising the debt ceiling is proving to be a hot topic for discussion among the pack of Republican candidates vying for their party's nomination to run against President Barack Obama in the next election cycle.

Some GOP contenders have sought to capitalize on the fiscal issue to establish credibility with conservative voters. It should be noted, however, that most of the better known White House hopefuls will not have to cast a vote on whether or not to raise the deficit limit.

HuffPost's Jon Ward reported earlier this year:

Conservative strategists are warning that the GOP should not push the debt ceiling debate too close to the breaking point.

“If there is a vote on raising the debt ceiling and it fails, there will be a significant market reaction,” said Tony Fratto, a former Treasury and White House official in the Bush administration. “Investors already believe that Congress doesn’t understand the financial markets. A failure to raise the debt ceiling will confirm this to them."

If the markets get spooked, U.S. treasury bond yields will spike, driving up interest rates and increasing the price of borrowing money for everyone from the federal government to municipalities to consumers, Fratto warned. The cascading effects on the economy would be severe and long-lasting.

Nevertheless, some of the Republicans running for president are standing firm in their opposition to raising the debt ceiling.

Below, a slideshow highlighting the positions defined by GOP presidential candidates on the fiscal issue:

Where GOP Presidential Candidates Stand On Debt Ceiling