July 21, 2011
Breaking News Alert: Obama and Republican leaders in talks over plan to cut debt by $3 trillion
President Obama and House Republican leaders are deep in negotiations over a far-reaching plan to save $3 trillion over the next decade, congressional leaders have been told. Aides said the savings would come through sharp cuts in agency spending and changes to popular health and retirement programs -- but without any immediate increase in taxes.
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Washington, President Barack Obama and House Speaker John Boehner are discussing a possible deal that would include $3 trillion in spending cuts over 10 years to avert an unprecedented U.S. default, a senior Democratic congressional aide said on Thursday.
Their potential agreement would include a promise of tax reform in 2012, the aide said.
