Congress Nears Spending Plan

Agreement to fund government through March gives legislators time to debate spending cuts scheduled for January.

An agreement reached by congressional leaders and President Barack Obama to fund the U.S. government through March will give lawmakers time to debate $607 billion in spending cuts and tax increases scheduled to start in January.

The House and Senate haven’t come up with a plan to avert the spending cuts, which total $1.2 trillion over 10 years. Unless Congress acts, the George W. Bush-era tax cuts and other tax breaks will expire Dec. 31.

Six-Month Measure

Representative Jeff Duncan, a South Carolina Republican, said yesterday he wanted a six-month continuing resolution “to put the funding of government into the 100 days” of Republican presidential candidate Mitt Romney’s administration.

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