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.
Congressional leaders said yesterday they will vote in September on a $1.047 trillion, six-month stopgap measure that would keep the government operating after the start of the fiscal year on Oct. 1. The funding level is consistent with an August 2011 law that raised the federal debt ceiling.
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