Congress Revisits Debt Limit

Legislators unlikely to decide on whether to extend $3 trln in tax cuts until after the election.

Congress will joust over a symbolic vote on the U.S. debt limit this week while a decision on whether to extend $3 trillion in tax cuts into 2013 probably will wait until after the November election.

Democrats and Republicans will debate Medicare cuts that wouldn’t take effect for years, though they are unlikely to resolve what to do about spending reductions set for next January. The only major bill to clear Congress before the elections may be a plan to extend a payroll tax cut through the rest of 2012.

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