1. The total deal is $85 billion. About $45 billion of that replaces sequestration cuts in 2014. About $20 billion replaces sequestration cuts in 2015. About $20 billion is deficit reduction atop sequestration.
2. The sequestration relief is evenly divided between defense spending and non-defense discretionary spending. The sequester’s cuts to mandatory spending are unaffected.
By: Ginger Gibson
December 10, 2013 07:03 PM EST
‘I don’t think anything is a sure deal in the House or the Senate,’ Jeff Sessions said. | AP Photo
It happened during the fiscal cliff. It happened during the government shutdown. And the same elements are starting to appear, possibly creating a repeat scenario as a budget deal takes shape.
As Sen. Patty Murray (D-Wash.) and Rep. Paul Ryan (R-Wis.) were only a few hours from announcing a budget deal Tuesday night that would replace some of the sequester and set spending levels for the next two years, conservatives concerned about the debt already are starting to sound alarms — specifically about busting the so-called caps under the sequester that set spending levels at $967 billion for the remainder of fiscal 2014 under the Budget Control Act. Many conservatives view the sequester cuts as harsh but necessary. Continue reading “Conservatives balk at budget deal”
December 10, 2013, 07:00 pm
By Russell Berman, Erik Wasson and Mike Lillis
Rep. Paul Ryan (R-Wis.) and Sen. Patty Murray (D-Wash.) announced a budget deal Tuesday evening that would call for about $1 trillion in federal spending in 2014 while replacing some sequestration cuts.
The deal replaces $63 billion in sequester cuts over two years and trims an additional $23 billion in long-term deficits.
“This deal doesn’t solve all of our problems, but I think it is an important step to heal some of the wounds here in Congress,” Murray said in a joint press conference with Ryan at the Capitol.Ryan, the architect of House Republican budget proposals in recent years, called the agreement “a step in the right direction” and defended the deal as consistent with conservative principles. He noted that it reduced the deficit by $23 billion without raising taxes and said it was the first budget agreement with divided government in Washington since 1986. Continue reading “Budget deal is sealed”
U.S. budget deal nears amid conservative opposition
By Richard Cowan and David Lawder 1 hour ago
U.S. Senator Patty Murray (D-WA) (C) walks to a Senate Democratic caucus luncheon at the U.S. Capitol …
By Richard Cowan and David Lawder
WASHINGTON (Reuters) – Budget negotiators in the U.S. Congress on Tuesday were wrapping up a tentative deal on a budget plan to avoid a January 15 government shutdown, amid warnings from conservative groups that they would oppose it.
The plan does not purport to be any “grand bargain” that would slash the federal deficit.
It remains uncertain whether it will pass both houses of Congress. But if it does, it could put an end for the time being to dramatic budget standoffs that have rattled markets in the past, allowing lawmakers to write annual spending bills in a more orderly fashion. Congress has not enacted a budget bill since 2009. Continue reading “U.S. budget deal nears amid conservative opposition”