It’s a very small deal. It’s a bipartisan deal. And it’s a deal that — if passed by the House and Senate — will avert budget brinksmanship for the next year and a half and let lawmakers focus on other things for a change.
The budget deal announced by Senate Budget Chairman Patty Murray and House Budget Chairman Paul Ryan Tuesday evening would set federal spending on domestic and defense programs at a little more than $1 trillion for both this fiscal year and next.
It also would replace about $63 billion of the automatic budget cuts scheduled for 2014 and 2015, with the majority of the relief coming in the next 10 months. To match the savings from those cuts, the deal would raise new non-tax revenue through a host of measures, including higher airline passenger security fees and increased federal worker contributions to their pensions.
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