U.S. Budget Agreement Eases Spending Cuts Over Two Years
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U.S. budget negotiators unveiled an agreement to ease automatic spending cuts by about $63 billion over two years and reduce the deficit by $23 billion, breaking a three-year cycle of fiscal standoffs.
Chief architects Senator Patty Murray and Representative Paul Ryan today said the compromise avoids a government shutdown when funding authority expires Jan. 15 and aids the U.S. economy, which they said had been damaged by a series of fiscal feuds.