Congressional leaders reach a debt deal to avoid painful sequestration cuts

Spain and Italy had declining debt-to-GDP ratios until the housing bubble popped and the world economy went into a tailspin. – Germany survived the financial crisis without too much pain. European.

The agreement, should it pass both chambers of Congress and be signed into law, would remove twin crises staring down the White House and lawmakers in the looming spending cuts and debt ceiling.

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Collins, King Call on President and Congress to Reach Agreement to Avert Sequestration, Reduce Debt WASHINGTON, D.C . — In a letter sent to President Barack Obama yesterday, Senators Susan Collins and Angus King call on the President to convene a meeting with Congressional leaders that must conclude with an agreement to avert sequestration and.

The sequester: What's really at stake? The White House and congressional leaders have struck a budget deal that would suspend the debt limit until mid-2021, President Donald Trump and Democratic leaders announced Monday.

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

For reasons ranging from progress on Europe’s debt. congressional Republicans rattled confidence in America’s leadership. It looked as if the United States might default on its debts for the first.

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 percent. 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.

The House on Thursday passed 284-149 a two-year budget deal that would boost top-line spending levels and put lawmakers on a path to set line-by-line appropriations for agencies across government.

But by linking the tax cut with other Republican priorities — including speeding up construction of the controversial Keystone XL oil sands pipeline — and by paying for the package with other.

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Barack Obama says Congress owns sequestration cuts. In the House, 174 Republicans and 95 Democrats voted for the law, while 66 Republicans and 95 Democrats opposed it. (final tally: passed 269-161.) In the Senate, 28 Republicans and 45 Democrats voted for it, while 19 Republicans and 6 Democrats opposed it.

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