Lawmakers to Hold Weekend Talks on Averting Budget Change
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U.S. lawmakers entered a weekend of budget negotiations in a final effort to prevent at least some of more than $600 billion in tax increases and spending cuts from taking effect in January.
Senate Majority Leader Harry Reid and Minority Leader Mitch McConnell said they’ll try to reach a deal by tomorrow, likely focusing on a relatively narrow range of issues rather than the full list of tax and spending changes. They face the same partisan mistrust and divides on fiscal policy that have prevented a budget deal for more than two years -- compounded by the Dec. 31 deadline to thwart the tax increases and spending reductions, as well as the Jan. 3 start of the next Congress.