Debt limit, budget deals take shape in Congress

A view shows the U.S. Capitol in WashingtonBy Richard Cowan WASHINGTON (Reuters) – U.S. House Speaker John Boehner and other congressional leaders raced to finalize a sweeping two-year budget deal and an extension of the federal debt ceiling until March 2017 before Boehner transfers power to his expected successor, Paul Ryan. If successful, the deals would mark a final act for Boehner to clear some politically divisive legislation as Ryan takes over as speaker – assuming a majority of the House of Representatives votes to put him in the top job in an election set for Thursday. Boehner is set to retire from Congress on Friday.

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