The White House and Congress reached a deal Sunday to raise the nation’s borrowing limit and shrink the federal deficit, just two days before the August 2 deadline.
The agreement, which the president announced late Sunday, would cut $1-trillion right away and create a committee to reduce the deficit by another $1.5-trillion by November, according to news reports. If approved by both chambers of Congress, it will avert default on the nation’s debts and ensure that the government has enough money for federal benefits, including student aid.
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