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Congress Passes Debt, Budget Deal

Wall Street Journal (10/17/13) Janet Hook; Kristina Peterson; Chris Dieterich

President Barack Obama has signed into law legislation passed by the U.S. Senate and House of Representatives to reopen the government through Jan. 15, 2014, and suspend the debt ceiling through Feb. 7.

A key question is whether the political and policy dynamics in Congress will change when it tries to meet the new January deadline for funding the government for the remainder of fiscal 2014 and the new February deadline for raising the debt limit. The bill calls for broader budget talks by a House-Senate committee. The bill sets a Dec. 13 deadline for that group to report back, but there is no mechanism guaranteeing that a deal be struck.