Republicans and Democrats have reached an agreement to fund the government for the remainder of the fiscal year and set spending caps for the next two years, Majority Leader Mitch McConnell, R-Ky., announced on the Senate floor Wednesday.
The bipartisan deal lifts mandatory federal spending caps imposed under the 2011 Budget Control Act. The deal would provide the Defense Department with an additional $80 billion over the cap while the nation’s domestic budget would receive a boost of about $60 billion.
McConnell tweeted out news of the deal as he was speaking on the Senate floor about it. He said the deal would fund disaster relief efforts, but also help the military escape the sequester cuts.
Democrats had been demanding “parity” as part of the deal, meaning that domestic spending gets the same increase the defense spending gets as part of any deal. Still, Senate Minority Leader Chuck Schumer, D-N.Y., signaled his support for the final agreement.
Read more at the Washington Examiner.