Senate eyeing two-month delay of automatic spending cuts: McCain
WASHINGTON (Reuters) - A possible deal between Senate Republican leader Mitch McConnell and Vice President Joe Biden to avert the "fiscal cliff" would include a two-month delay in automatic federal spending cuts that were due to begin this week, Republican Senator John McCain said on Monday.
McCain said the deal would include $24 billion in other spending cuts to cover the cost of the delay, and would also include a one-year extension of unemployment benefits.
It is unclear if such a deal would go up for a vote in the Democratic-controlled Senate before midnight, the deadline to avoid the "fiscal cliff" of tax hikes and spending cuts. It also faces an uncertain future in the Republican-controlled House of Representatives.
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