"Fiscal cliff" deal reached between White House, lawmakers: source# Stock
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Reuters – 7 minutes ago
..WASHINGTON (Reuters) - The White House and congressional lawmakers have
reached a deal to avoid the "fiscal cliff" that would delay harsh spending
cuts by two months, Obama administration officials said on Monday.
President Barack Obama called Democratic Senate Majority Leader Harry Reid
and House of Representatives Minority Leader Nancy Pelosi, who both signed
off on the deal, one source said.
The agreement includes a balance of spending cuts and revenue increases to
pay for the delay in the automatic spending cuts that would go into effect
without a deal by lawmakers.
Of those spending cuts, 50 percent would come from defense and 50 percent
from non-defense areas, the sources said. The White House viewed that as a
victory, one source said, and sees it as a model for future deficit
reduction pacts.
Vice President Joe Biden traveled to Capitol Hill to discuss the deal.
(Reporting by Jeff Mason and Mark Felsenthal; Editing by Peter Cooney)
http://finance.yahoo.com/news/fiscal-cliff-deal-reached-between
..WASHINGTON (Reuters) - The White House and congressional lawmakers have
reached a deal to avoid the "fiscal cliff" that would delay harsh spending
cuts by two months, Obama administration officials said on Monday.
President Barack Obama called Democratic Senate Majority Leader Harry Reid
and House of Representatives Minority Leader Nancy Pelosi, who both signed
off on the deal, one source said.
The agreement includes a balance of spending cuts and revenue increases to
pay for the delay in the automatic spending cuts that would go into effect
without a deal by lawmakers.
Of those spending cuts, 50 percent would come from defense and 50 percent
from non-defense areas, the sources said. The White House viewed that as a
victory, one source said, and sees it as a model for future deficit
reduction pacts.
Vice President Joe Biden traveled to Capitol Hill to discuss the deal.
(Reporting by Jeff Mason and Mark Felsenthal; Editing by Peter Cooney)
http://finance.yahoo.com/news/fiscal-cliff-deal-reached-between
