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Senate Minority Leader Mitch McConnell, R-Ky., prepares to announce a debt ceiling deal in July 2011. That deal laid the foundation for the across-the-board spending cuts set to take effect on New Year's Day, 2013.

Above: Senate Minority Leader Mitch McConnell, R-Ky., prepares to announce a debt ceiling deal in July 2011. That deal laid the foundation for the across-the-board spending cuts set to take effect on New Year's Day, 2013.