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The terms of the debt deal calls for a 12-member special congressional panel to locate $1.5 trillion in budget savings by late November. Some panel members will push for the first major tax code overhaul in 25 years.
At stake in any such effort would be tax breaks dear to big corporations and ordinary Americans alike, with the outcome uncertain in a politically super-charged climate.
Provisions such as tax deferral for offshore corporate profits, the mortgage interest deduction and accelerated depreciation would hang in the balance.
As the details become known we will keep you informed.