Federal Reserve Chairman Janet Yellen, referencing the Congressional Budget Office's long-term budget projections, told the Joint Economic Committee of Congress today that under current policies the federal government’s deficits “will rise to unsustainable levels.”
(Worthy News) - President Barack Obama and top lawmakers from both parties reached a tentative budget agreement that would avert a U.S. debt default and reduce chances of a government shutdown, easing years of political friction over fiscal policy in Washington.
“It’s going to pass with a bipartisan majority, and I’ll be really happy,” House Speaker John Boehner, who is set to give up his gavel his week to Ways and Means Chairman Paul Ryan, told reporters Tuesday. The House plans to vote Wednesday, a day before the speaker election, Boehner said.
The accord, also praised by Democratic leaders, would extend U.S. borrowing authority until March 2017 and prevent a default as soon as next week. It would include a two-year deal on defense and non-defense spending levels, with details to be worked out later before current funds expire Dec. 11. The plan was posted on the House website Monday night. [ Source ]
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