Congress reached a deal Sunday night to avert a national default.
According to the Huffington Post, the proposal calls for a first round of cuts totaling $917 billion over the next 10 years and would allow President Barack Obama to raise the debt ceiling by $900 billion that would carry the government through the end of the year.
A new joint congressional committee would be charged with coming up with $1.5 trillion in additional cuts and present its plan to Congress by Thanksgiving. If the committee fails to enact savings, the measure requires $1.2 trillion of automatic cuts, split equally between military and domestic programs.
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