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October 27, 2015

Obama, Congress Reach Tentative Budget Deal 
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After years of discord, the White House and Republican congressional
leaders have struck a tentative budget deal to avert a looming default
on the government's debts. The deal reportedly raises spending by a
relatively slim $80 billion over two years—not including an additional
$32 billion in war funding. It includes cuts to Social Security
disability benefits and Medicare payments to providers. New revenue
would come from sales of U.S. strategic oil reserves and the use of
public airwaves for telecommunications firms. The debt limit would be
suspended until March 2017, after Obama leaves office. The budget still
needs approval by the House and Senate.

 

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