Deal Reached to Set U.S. Government Spending Levels

Democratic Sen. Patty Murray and Republican Rep. Paul Ryan unveiled the details of their proposed budget deal Tuesday night.

The budget deal rolls back some automatic spending cuts, Murray said. A Senate Democratic aide put the figure at $63 billion over two years and said the deal would provide an additional $23 billion in deficit reduction spread over two years. Most of the sequester reductions would come in fiscal 2014, which started on Oct. 1, the aide said.

According to a statement, the budget deal sets fiscal year 2014 discretionary spending at $1.012 trillion; 2014 defense budget at $520.5 billion; and non-defense discretionary at $491.8 billion.

CNBC

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