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Walker Says U.S. Budget Deal Unlikely for at Least a Year

A U.S. budget-cutting accord is probably as much as a year away as lawmakers posture to delay across-the-board spending cuts and tax increases set for January, said former U.S. Comptroller General David Walker.

Congressional committees haven’t “done their work” on overhauling taxes and entitlement programs such as Medicare, Walker said at a luncheon yesterday in New York sponsored by the Economic Club of New York and Bloomberg News. He also said President Barack Obama’s administration has done little to prepare the public for spending cuts and tax increases.