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s stalemate, President Barack Obama and congressional leaders announced historic agreement Sunday night on emergency legislation to avert the nation's first-ever financial default.
The dramatic resolution lifted a cloud that had threatened the still-fragile economic recovery at home - and it instantly powered a rise in financial markets overseas.
The agreement would slice at least $2.4 trillion from federal spending over a decade, a steep price for many Democrats, too little for many Republicans. The Treasury's authority to borrow would be extended beyond the 2012 elections, a key objective for Obama, though the president had to give up his insistence on raising taxes on wealthy Americans to reduce deficits.
though the president had to give up his insistence on raising taxes on wealthy Americans to reduce deficits.
Originally posted by blackrussian63
Not a done "Deal" at the moment, the proposed deal still requires congressional approval, and we all know that someone or some group will want more.
Originally posted by inforeal
What we don’t understand is that republicans are not really interested in reducing the debt. Their agenda is all about saving their rich and powerful benefactors from paying taxes.