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News Link • Economy - Economics USA

It's a deal: Obama, Congress will avert default

• AP
Ending a perilous stalemate, President Barack Obama and congressional leaders announced historic agreement Sunday night on emergency legislation to avert the nation's first-ever financial default. The dramatic resolution lifted a cloud that had threatened the still-fragile economic recovery and rattled global markets.The agreement would slice at least $2.4 trillion from federal spending over a decade, a steep price for many Democrats, too little for many Republicans.

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Comment by Powell Gammill
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The Phony Debt Deal

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