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.
The budget agreement is a “step in the right direction,” Ryan says, as it makes sure that there will be no threat of a government shutdown in January or October of 2014.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.