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CBO: Federal debt to exceed 70 percent of economic output

The amount of federal debt held by the public is projected later this year to surpass 70 percent of the nation's annual economic output, the nonpartisan Congressional Budget Office said Tuesday in a report that spotlighted the stark choices policymakers face on taxation and government spending.

Key Republican sees agreement on spending cuts by deadline

A key Republican leader assured Sunday that a congressional supercommittee will reach agreement on $1.5 trillion in cuts in government spending by next month's deadline and avert deep automatic measures.

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