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Lawmakers ready budget fallback options amid tax impasse

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With less than three weeks until their deadline, U.S. budget negotiators have yet to break an impasse over revenue, prompting lawmakers to draft plans to blunt $19 billion in defense cuts set to start in January. One idea -- known as “smoothing” -- would redistribute the 2014 reductions across the 10-year timeframe of the automatic Pentagon cuts known as sequestration. Instead of the cuts...

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