Congress Considers Delaying Spending Cuts Mandated By Last Year’s Debt Ceiling Deal

Republicans and Democrats in the House of Representatives are negotiating a package that would delay the automatic spending cuts mandated by the Budget Control Act that raised the nation’s debt ceiling last summer, according to a Bloomberg report. The $1.2 trillion in cuts, half of which would come from defense, would begin in January 2013. House negotiators are considering delaying the cuts until at least March 2013 as part of a larger package that would fund the federal government and temporarily extend the Bush tax cuts and other expiring tax laws, including the payroll tax cut signed by President Obama.