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Both the administration and congressional Republicans claim victory over the contents of a deal raising the debt ceiling but, in the end, Republicans believe they achieved the ultimate goal—a package that does not and will not include any tax increases. The deal calls for the creation of a bipartisan, joint congressional committee to look at further spending reductions, entitlement reform, and tax reform as a way to cut an additional $1.5 trillion from the deficit. Republican leaders, however, say they feel confident that none of their members would sign on to any legislation that would include tax increases, effectively taking the “tax reform” portion of the committee's charge off the table. The House approves the deficit reduction package, sending the measure to the Senate, where the package is expected to have an easier path to passage. Senate Majority Leader Reid's office says the bill is likely to come up for a vote around noon today.
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