Debt limit deal hopes fade as taxes loom in next round
President Obama signed the debt ceiling bill to avert default, but Republicans reject a tax increase. Wall Street fell with the Dow dropping 266 points as the plan’s spending cuts begin, and a 12 member committee is tasked with further deficit savings before Christmas. The administration warned of credit risks and a potential downgrade despite Moody’s affirming AAA status with negative outlook.
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Obama Plan Seeks Debt Hike with Spending Cuts and Panel
President Obama and congressional leaders proposed raising the debt limit by 400 billion immediately, with a possible 500 billion fall increase and up to 1.5 trillion more contingent on matching spending cuts by a 12 member joint committee. The plan caps discretionary spending, funds Pell Grants, and pushes a balanced budget amendment vote while targeting up to 1.5 trillion in further cuts to mandatory programs and domestic and defense spending.
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Dollywood refunds couple after shirt request controversy
Dollywood offered a refund to a lesbian couple after an employee asked one to turn her shirt reading marriage is so gay inside out. Officials said a planned in person meeting with the pair and a gay rights group was canceled. Dolly Parton apologized for any hurt.
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