The failure of a special congressional committee to strike a new budget deal ahead of yesterday’s deadline has diminished the chance that the US Congress can pass a fresh stimulus package this year to revive a fledgling economic recovery.
The difficulties faced by 12 Democrats and Republicans on the committee in bridging the partisan divide in Washington over spending and taxes has also increased the likelihood of a partial government shutdown this year.
Committee members continued to meet on Capitol Hill to present legislation that could be voted on by the Congress to cut $1,200bn from the budget over 10 years.
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