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Obama, Congress Reach Tentative Budget Deal

HeadlineOct 27, 2015

After years of discord, the White House and Republican congressional leaders have struck a tentative budget deal to avert a looming default on the government’s debts. The deal reportedly raises spending by a relatively slim $80 billion over two years—not including an additional $32 billion in war funding. It includes cuts to Social Security disability benefits and Medicare payments to providers. New revenue would come from sales of U.S. strategic oil reserves and the use of public airwaves for telecommunications firms. The debt limit would be suspended until March 2017, after Obama leaves office. The budget still needs approval by the House and Senate.

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