Congress and White House strike budget deal

US President Barack Obama (C) speaks alongside Speaker of the House John Boehner (L) and Senate Majority Leader Mitch McConnell, prior to a meeting at the White House in Washington, DC, in January 2015The Republican majority in Congress and the White House reached agreement on a rare budget compromise which, if adopted, would remove the risk of default for the rest of the presidency of Barack Obama. Republicans in the House of Representatives on Monday unveiled shortly before midnight a bill negotiated discreetly for several weeks between the Republican leaders of the House and Senate, John Boehner and Mitch McConnell, Democratic leaders and the White House. The agreement — which would modestly increase spending over the next two years and raise the federal borrowing limit — must now be passed by the House and the Senate in the coming days.

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