Rep. Paul Ryan and Sen. Patty Murray unveiled a two-year budget agreement late Tuesday night that they say will end years of bitter budget wars on Capitol Hill.
The framework amounts to a modest deal that averts another government shutdown, replaces the sequester and provides a level of certainty on spending that hasn’t been seen in Washington for several years. But it doesn’t raise the debt ceiling, which Congress must address sometime next spring. And it’s far from a grand bargain that overhauls entitlement programs or the tax code — an approach the negotiators refused to entertain for fear of getting bogged down.
The bipartisan package includes $63 billion of “sequester relief,” $85 billion of total savings, and $23 billion in net deficit reduction. The agreement would set the discretionary spending level for fiscal year 2014 at $1.012 trillion, and $1.014 trillion in FY 2015.
President Barack Obama backed the deal and Ryan and Murray predicted that it would pass both the House and Senate. Still, both lawmakers acknowledged that conservatives and progressives will find items they don’t like in the package.
Read more: Budget agreement reached - John Bresnahan and Jake Sherman - POLITICO.com
Thank god a deal is reached. I'm personally probably not gonna like the deal, but its better than nothing and is a start if only a debt ceiling agreement was put into this bill as welll. All in all its a good thing that a deal was reached.