Debt-Reduction Panel Gets Pessimistic About Striking a Deal

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As reported by the Washing Post and New York times, apparently members of the congressional Joint Select Committee on Deficit Reduction are pessimistic about their chances of making a deal by a November 23 deadline, despite offers by Republican members to increase taxes. Several members worked through the weekend to narrow a division between Democrats and Republicans.

In accordance with the terms of the most recent congressional budget deal, without an agreement as to debt reduction by November 23rd, automatic across the board budget cuts will go into place.

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