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>> SPENDING CUTS Latest News

AUG 27, 2013 - CBS News

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Video: Debt ceiling: Federal showdown on the horizon

Treasury Secretary Jack Lew asked congressional leaders to raise the debt ceiling, allowing the government to keep borrowing money. House Speaker John Boehner and other Republicans say they want spending cuts first. White House officials say they won't negotiate. Anthony Mason reports.

Tags: Video: Debt ceiling: Federal showdown on the horizon,  Spending Cuts Latest News