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US Fiscal Deal Reached

October 16, 2013 by  

US Fiscal Deal Reached, The bipartisan leaders of the U.S. Senate reached an agreement to end the fiscal impasse and to increase U.S. borrowing authority. The Senate and House plan to vote on it later today, and the White House press secretary said President Barack Obama supports the deal.

The agreement would end the 16-day government shutdown and allow the U.S. to continue borrowing, the day before its authority lapses. House Republicans today signaled that they will let it pass largely with Democratic votes. Senate opponents of the agreement, including Texas Republican Ted Cruz, said they won’t stall a vote.

“The compromise we reached will provide our economy with the stability it desperately needs,” said Senate Majority Leader Harry Reid.

The agreement concludes a four-week fiscal standoff that began with Republicans demanding defunding of Obama’s 2010 health-care law and objecting to raising the debt limit and funding the government without policy conditions. They achieved almost none of those goals in this agreement.

“This is far less than many of us had hoped for, frankly, but it’s far better than what some had sought,” said Mitch McConnell, the Senate minority leader, who said the measure retains Republican-preferred spending levels.

The framework negotiated by Reid and McConnell would fund the government at those Republican-backed levels through Jan. 15, 2014, and suspend the debt limit until Feb. 7, setting up another round of confrontations then.

“This agreement achieves what is necessary,” Jay Carney, the White House press secretary, said.

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