White House, Lawmakers Said to Craft ‘Tentative’ Budget Framework

Politics Reuters

Reuters

(Reuters)

The White House and congressional lawmakers have reached a deal to avoid the "fiscal cliff" that would delay harsh spending cuts by two months, an Obama administration source said on Monday.

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The source said Democratic Senate Majority Leader Harry Reid and House of Representatives Minority Leader Nancy Pelosi had signed off on the deal.

The agreement includes a balance of spending cuts and revenue increases, the source said.