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Leaked Documents Show Obama Was Willing To Go Further For A Grand Bargain On The Debt Ceiling

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The Obama administration's proposal, like the Supercommittee's agreement, contains a sequestration mechanism. However, Obama's sequestration appears much more politically palatable for Republicans, at face value, than the proposal that ultimately passed. The entirety of the spending cuts would be in Medicare and Medicaid -- not defense -- and the bottom four rates of the Bush tax cuts (10%, 15%, 25%, and 28%) would be preserved.

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