Summary
The deficit reduction package signed by President Obama ends one standoff but makes it likely there will be another before the end of the year. The package initially cuts spending by $917 billion over the next decade. It also creates a new joint committee of Congress that will attempt to come up with more cuts. If Congress doesn't approve the committee's plan, additional automatic cuts of $1.2 trillion would be imposed, starting in 2013.
The big issues facing Obama and Congress:See the full content of this document
Extract
Big Debt Issues
Health care
* Congressional Democrats successfully opposed cuts to Medicare benefits, but lawmakers didn't completely shield the program. Although there will be no initial reductions, there...See the full content of this document
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