Debt Crisis ... Averted

Law360, New York (August 11, 2011, 2:03 PM EDT) -- On the evening of July 31, 2011, President Barack Obama announced that he and congressional leaders from both parties had reached a deal on a debt reduction/debt ceiling increase package, paving the way for legislative action to be completed before the Aug. 2 default deadline. The flurry of weekend activity on Capitol Hill capped off weeks of intense negotiations on competing packages of spending cuts, as lawmakers raced to avoid the impending government default.

A section-by-section analysis of the legislation — S. 365 — can be...
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