Obama Signs Two-Year Budget Passed By Congress

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December 26, 2013 4:08 p.m.

President Barack Obama signed into law Thursday the two-year budget agreement passed this month by the House and Senate.

Over the next two years, the deal replaces $63 billion of the automatic cuts known as sequestration with more targeted spending cuts and new revenue via, among other things, higher airline ticket fees. It is projected to lower the federal deficit by $23 billion in the next decade.

The budget had passed with solid majorities in each chamber: 64-36 in the Senate and 332-94 in the House.

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