Congressional leaders reach a debt deal to avoid painful sequestration cuts

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Frustrated with his former colleagues in Congress. leaders in that chamber have instead said they’re awaiting the outcome of the debt talks. But Republicans said Democrats are trying to avoid.

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Congressional budget leaders reached a debt deal, hoping to avoid billions of dollars in automatic spending cuts while getting the 2014 fiscal year kicked off without political gridlock over how.

Congressional leaders are now scrambling to reach a bipartisan compromise. that could derail Democratic support for a deal: $1.4 billion to begin building a wall on the U.S.-Mexico border, $18.

 · However, Obama would be able to request only up to $1.2 trillion in additional debt ceiling if the special congressional committee fails to agree to at least $1.2 trillion in cuts.

Driving the bipartisan talks is the desire to avoid automatic spending cuts that threaten to hit the Pentagon and other federal agencies with budget reductions averaging 10%. At the same time, increasing the debt limit is required to avert a first-ever, market-quaking default on government obligations like interest payments and Social Security benefits .

This winter, with debt more than twice as high, marvels Cote, “President Trump and Congress agreed to. And the likely consumer pain might generate political pressure to undo at least some of the.

Collins, King Call on President and Congress to Reach Agreement to Avert Sequestration, Reduce Debt. For example, at Portsmouth Naval Shipyard, the Navy is prepared to cut the pay of its civilian workforce by 20 percent, the result of a 22-day furlough, and to defer.

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