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Federal Spending

U.S. Senate Minority Leader Sen. Mitch McConnell (R-KY) gives a thumbs up when asked whether a deal has been reached regarding the ongoing debate on the national debt reduction on July 31 in Washington. As the United States approaches the possibility of a default, the congressional leaders and the White House try to reach an agreement on measures to lift the debt ceiling. (credit: Astrid Riecken/Getty Images)

Debt Ceiling Deal: Do Not Open Until Christmas

It felt like a good ending to a July Hollywood movie blockbuster. And like any good summer blockbuster, it all but guaranteed us a sequel. The details of the big agreement set the stage for round two to be played out in just a few months.

08/01/2011