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Sovereign Debt

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WASHINGTON (AP) — Congressional leaders reached an elaborate deal Tuesday that will allow Democrats to lift the nation’s debt limit without any votes from Republicans, likely averting another last-minute rush to avoid a federal default. Hours later, the House passed legislation overwhelmingly along party lines that kicked off a multi-step process.

Homeowners could keep their mortgage deductions at tax time under sweeping tax legislation unveiled by Senate Republicans on Thursday. But there would be a one-year delay in plans for a major corporate tax cut _ a change from the House version strongly opposed by the White House. The Senate bill also would ignore a House compromise on the hot-button issue of state and local tax deductions.

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