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Bigger fights loom after "fiscal cliff" deal

• Reuters
 

The agreement, approved late on Tuesday by the Republican-led House of Representatives, was a victory for Obama, who had won re-election in November on a promise to address budget woes, partly by raising taxes on the wealthiest Americans.

 

But it set up potentially bruising showdowns over the next two months on spending cuts and an increase in the nation's limit on borrowing. Republicans, angry the fiscal cliff deal did little to curb the federal deficit, promised to use the debt-ceiling debate to win deep spending cuts next time.

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