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Biden said that he’s confident that the talks will produce an agreement on cutting the deficit "well beyond" $1 trillion over 10 to 12 years. The talks are aimed at finding spending cuts to accompany must-do legislation allowing the government to continue to borrow to finance its operations and avoid defaulting on U.S. bonds.
Senate Democrats promised that any Medicare cuts in the measure would come from health care providers rather than cutting back benefits. The hard line came even as Republicans showed at least some willingness to kill special interest tax breaks this year with a vote on ending the annual $5 billion ethanol tax subsidy.
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