Too Much Unfinished Business in U.S. Budget Deal

Members of Congress are congratulating themselves on a budget accord set to win final passage this week. Business leaders aren’t celebrating, saying the deal leaves too much unfinished business.

The budget plan doesn’t extend unemployment insurance for the chronically jobless. It doesn’t continue more than 50 tax breaks that will lapse on Dec. 31 including the research and development tax credit used by companies such as Intel Corp. (INTC)

It won’t prevent the next debt limit fight after borrowing authority is set to lapse in February. And it does little to fix a broken process that hasn’t produced a formal budget in four years and has led the government to be funded primarily through stopgap spending bills since 2011.

Bloomberg

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