WASHINGTON — After five years of bitter clashes, Republican congressional leaders and President Barack Obama on Monday night appeared to settle their last budget fight by reaching a tentative deal that would modestly increase spending over the next two years, cut some social programs, and raise the federal borrowing limit.
The accord, which must be approved by the House and the Senate, would avert a potentially cataclysmic default on the government’s debt and dispenses with perhaps the most divisive issue in the capital just before Speaker John Boehner is expected to turn over his gavel to Rep. Paul Ryan of Wisconsin.
