Congressional leaders reach a debt deal to avoid painful sequestration cuts

United States Congress Joint Select Committee on Deficit Reduction. The objective of the committee was to develop a deficit reduction plan over 10 years in addition to the $917 billion of cuts and initial debt limit increase of $900 billion in the Budget Control Act of 2011 that avoided a U.S. sovereign default.

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WASHINGTON (AP) – Top leaders of both parties in Congress made better-than-expected progress Tuesday on two must-do items on the legislative agenda: averting automatic budget cuts and meeting a.

A day after debt-reduction talks collapsed, congressional leaders arrived at the White House. position would be to push for a shorter-term deal. Both sides have identified more than $1 trillion in.

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Sequestration process begins: Congress fails to reach agreement on budget fixes before deadline Washington Times The federal government careened into the $85 billion spending sequesters Friday, embracing some of the biggest budget cuts in American history – though it will take weeks for most of the pain to be felt.

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Congressional leaders and the White House said they have reached an agreement to avoid automatic budget limits and suspend the debt ceiling for two years, which would push a contentious battle.

Republican leaders in Congress predicted Wednesday that painful automatic spending cuts – the sequester. whether in a new deal or by allowing sequestration to hit. They must also resist those in.

Congressional leaders make progress on debt, spending talks. debt bill set the stage for much-reviled automatic cuts known as sequestration. Without an agreement, the automatic cuts would total.

Such a proposal, among suggestions to a congressional. avoid painful automatic cuts, and is mandated to seek savings of up to $1.5 trillion. Those savings are on top of $917 billion in deficit.

Members of both parties intentionally designed the sequestration to be a painful last resort in order to spur a bipartisan congressional agreement on a balanced deficit-reduction plan. Congress should act expeditiously to institute a comprehensive deficit-reduction plan that cuts spending, responsibly reforms and strengthens entitlement programs and overhauls the tax code.

Sequestration was originally supposed to occur January 1, but Congress moved the date to March as part of its deal to avoid the fiscal cliff. This series of tax increases would have subtracted $607 billion gross domestic product .

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