Congressional leaders reach a debt deal to avoid painful sequestration cuts

What Caused Sequestration. Existing spending and tax cuts sent the nation’s debt toward the predetermined ceiling limit. The government cannot push the debt above the national debt ceiling. To avoid a debt default, party leaders finally agreed to appoint a bipartisan super committee to come up with a solution.

MBA Secondary: FHA, Ginnie Mae, VA and USDA leaders outline policy updates MBA Secondary: FHA, Ginnie Mae, VA and USDA leaders outline policy updates. The leaders of the FHA, VA, USDA and Ginnie Mae who spoke on the government lending update panel at the MBA Secondary Conference on Tuesday are well aware that lenders and investors find working with their agencies.

Driving the bipartisan talks is the desire to avoid automatic spending cuts that threaten to hit the Pentagon and other federal agencies with budget reductions averaging 10%. At the same time, increasing the debt limit is required to avert a first-ever, market-quaking default on government obligations like interest payments and Social Security benefits .

United States Congress Joint Select Committee on Deficit Reduction. The objective of the committee was to develop a deficit reduction plan over 10 years in addition to the $917 billion of cuts and initial debt limit increase of $900 billion in the Budget Control Act of 2011 that avoided a U.S. sovereign default.

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A June analysis by the congressional budget office concluded that keeping the U.S.’s ratio of debt to gross domestic product at current levels until the year 2085 (to avoid scaring off investors).

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Sequester Deal Looks Unlikely There appears to be a growing desire among leaders at both ends of Pennsylvania Avenue to reach. painful deficit-reduction plan. Aides say Obama accepts that the sequester cuts are here, for now at.

In interviews that aired nearly back-to-back on political talk shows this morning, President Obama and Republican nominee Mitt Romney were each asked how they could reach a so-called "grand bargain".

White House – Congressional Leaders Reach Debt Ceiling Compromise; Must Now Sell Plan to the Congress A "deal" has been struck over the weekend between the White House and congressional leadership to raise the federal government’s debt ceiling in exchange for significant cuts in spending levels over the next decade, and avoid a first.

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Top leaders of both parties in Congress are making progress on two must-do items on the legislative agenda: averting automatic budget cuts and meeting a deadline later this year to increase the government’s borrowing limit.. Congressional leaders report progress on debt, spending talks. by.

Congressional leaders make progress on debt, spending talks Their aim is to avoid automatic spending cuts – and to minimize the chances of a government shutdown . By ANDREW TAYLOR Associated Press