Congressional leaders reach a debt deal to avoid painful sequestration cuts

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.

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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 .

The budget sequestration in 2013 refers to the automatic spending cuts to United States federal government spending in particular categories of outlays that were initially set to begin on January 1, 2013, as a fiscal policy as a result of Budget Control Act of 2011 (BCA), and were postponed by two months by the American Taxpayer Relief Act of 2012 until March 1 when this law went into effect.

Congressional leaders make progress on debt, spending talks. the fifth two-year budget agreement since a 2011 budget and debt bill set the stage for much-reviled automatic cuts known as sequestration. Without an agreement, the automatic cuts would total $125 billion.. "Conversations.

The Joint Select Committee on Deficit Reduction, colloquially referred to as the Supercommittee, was a joint select committee of the united states congress, created by the Budget Control Act of 2011 on August 2, 2011. This act was intended to prevent the sovereign default that could have resulted from the 2011 United States debt-ceiling crisis.

His counterpart, McConnell, blamed “the president’s call for higher taxes on American families and job creators,” and he urged that congressional leaders. debt in at least 20 years. Talks focused.

"However, history and economic research suggest that a preference to avoid short-term pain should not be put ahead of the need to address the country’s long-term debt problem. tax cuts and federal.

Obama’s position is that Congress should now act to avoid those across-the-board cuts. Obama can’t rightly say the sequester isn’t his, but he did need cooperation from Congress to get to.

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