Agreement to avert government shutdown calls for cutting about $38 billion in federal spending

Perilously close to a government shutdown, President Barack Obama and congressional leaders reached a historic agreement late Friday night to cut about $38 billion in federal spending and avert the first federal closure in 15 years.

Obama hailed the deal as "the biggest annual spending cut in history." House Speaker John Boehner said that over the next decade it would cut government spending by $500 billion, and won an ovation from his rank and file --tea party adherents among them.
"This is

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