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Deal Framework Is Said Reached on Raising U.S. Debt Ceiling

The White House and congressional Republicans have found the framework of an agreement to increase the nation’s debt ceiling that would raise borrowing authority through the next presidential election, a person familiar with the talks said late last night.

The tentative outlines of the accord include spending cuts of $1 trillion and creation of a special committee to recommend additional savings of up to $1.8 trillion. The new panel would have to act before the Thanksgiving congressional recess in late November or government programs including Defense and Medicare would face automatic, across-the-board cuts, the person said.