WASHINGTON, D.C. (WKOW) -- Lawmakers on Capitol Hill have agreed to a new, two-year budget.
The Bipartisan Budget Act of 2013 would set overall discretionary spending for the current fiscal year at $1.012 trillion-about halfway between the Senate budget level of $1.058 trillion and the House budget level of $967 billion. The agreement would provide $63 billion in sequester relief over two years, split evenly between defense and non-defense programs. In fiscal year 2014, defense discretionary spending would be set at $520.5 billion, and non-defense discretionary spending would be set at $491.8 billion.
Budget details were announced Tuesday by House Budget Committee chairman Paul Ryan (R-Wisconsin) and Senate Budget Committee chairman Patty Murray (D-Washington).
"I'm proud of this agreement," said Ryan. "It reduces the deficit-without raising taxes. And it cuts spending in a smarter way. It's a firm step in the right direction, and I ask all my colleagues in the House to support it."
"This agreement breaks through the recent dysfunction to prevent another government shutdown and roll back sequestration's cuts to defense and domestic investments in a balanced way," said Murray. "It's a good step in the right direction that can hopefully rebuild some trust and serve as a foundation for continued bipartisan work."
President Obama released a statement after the deal was announced. It reads in part, "Earlier this year, I called on Congress to work together on a balanced approach to a budget that grows our economy faster and creates more jobs – not through aimless, reckless spending cuts that harm our economy now, but by making sure we can afford to invest in the things that have always grown our economy and strengthened our middle class. Today's bipartisan budget agreement is a good first step."
WASHINGTON, D.C. (WKOW) -- ABC News reports negotiations on Capitol Hill have yielded a modest budget agreement. The deal would ease automatic spending cuts and replace some of them with savings from future-year cuts.
Details on the pact between House Budget Committee Chairman Paul Ryan and Senate Budget Committee Chairman Patty Murray are set to be announced Tuesday evening.
The agreement would ease the harshest spending cuts set to strike the Pentagon and domestic agencies for a second year.
It would require federal workers to contribute more to their pensions, increase premiums on companies whose pension plans are insured by the federal government and increase security fees paid by airline travelers.
The pact by Ryan and Murray comes after several failed attempts at broader budget pacts.