By Alexander Bolton and Sarah Ferris – 10/26/15 08:28 PM EDT
Senior White House officials and congressional leaders have struck a deal to raise the debt limit and set the federal budget for the next two years, say sources familiar with the talks.
The deal would extend the debt ceiling to March 2017 and bust budget limits set by a 2011 agreement that imposed a decade of reduced spending known as sequestration on the government.
It would raise those caps by a total of $112 billion in fiscal 2016 and 2017, according to a person briefed on the agreement.
Those funds would be divided equally between defense and nondefense spending, charting a compromise between Republican defense hawks pushing for more Pentagon spending and Democrats who wanted more spending on domestic programs as well. Continue reading “White House, GOP strike budget deal”