The House could vote tomorrow on a budget agreement negotiated by Rep. Paul Ryan (R-WI) and Sen. Patty Murray (D-WA). The deal sets spending levels for 2014 and 2015. If the agreement is passed by both the House and Senate and signed by President Obama, it will avert the government shutdown deadline of January 15. The agreement includes no new taxes, and does not make any changes to entitlement programs.
According to the summary, “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. The sequester relief is fully offset by savings elsewhere in the budget. The agreement includes dozens of specific deficit-reduction provisions, with mandatory savings and non-tax revenue totaling approximately $85 billion. The agreement would reduce the deficit by between $20 and $23 billion.”