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Debt deal may hurt Florida budget

The federal debt debate that has divided Congress and disrupted financial markets next could affect state budget writers.

Florida's credit rating appears safe with Standard & Poor's giving it a boost in July and Republican leaders in the Legislature crafting recent budgets with warnings from financial ratings agencies ringing in their ears.

But the debt deal in Congress includes $2.1 trillion to $2.4 trillion in cuts over the next decade, which could trickle down to Florida where federal spending remains the state budget's largest source of money.

Story here.