new debt

Wisconsin Senator Joseph McCarthy shakes a finger during his second appearance before the Senate Foreign Relations Subcommittee in 1950. Photograph by Bettmann/CORBIS

Debate in Congress on a debt-reduction deal hasn’t advanced for more than a year because of conflicts on whether tax increases and entitlement cuts should be included. The senators said “real compromise” is needed and “all ideas should be put on the table” to stop the across-the-board cuts known as sequestration.
—Laura Litvan, “Senators in Both Parties Pledge to Craft Debt-Reduction Plan,” Bloomberg News, 24 September 2012.

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