Congress appears to be no closer to resolving the now week-old government shutdown. Our best guess is that a comprehensive agreement will be reached sometime close to the 17th October debt ceiling deadline. President Obama isn't going to give ground on the healthcare law, but we suspect that both sides will end up settling for a modest package of further spending cuts, which possibly includes some limitations on tax deductions in return for reforms of Social Security. That should be enough to allow Republicans and Democrats to claim a partial victory.
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