A two-year bipartisan U.S. budget deal has been reached today. Senate Budget Committee Chairman Patty Murray (D) and House Budget Committee Chairman Paul Ryan (R) spoke about the details at 6pm EST.
During the presentation, Ryan suggested this budget deal returns the power of the purse to the Legislative branch and returns normality. Murray agreed and suggested this deal will improve certainty for businesses. Murray stated: “This deal does not solve all of the problems.” The outline of the details are expected to be uploaded to House and Senate government websites.
The deal is described by Paletta of the Wall Street Journal as an “incremental agreement” (2013). Democrats have been stating today that federal workers would need to pay more into their pensions. No new taxes and deficit reduction are included in the deal.
If the House and Senate pass then the deal may avert a possible government shutdown in January 2014. The House is expected to act this week on the legislation.
Details
- the budget for 2014 would be set at $1.012 trillion
- the budget for 2015 would be $1.014 trillion
- reduce the deficit by $23 billion
- raise military and domestic spending over the next two years
- raise fees on airline tickets to pay for airport security
- federal workers and military personnel pay more into their pensions
Unemployment benefits expected to expire December 28 are not part of this agreement.
References
Davis, S. (2013, December 10). Leaders in Congress unveil two-year budget deal. USA Today. Retrieved December 10, 2013, from http://www.usatoday.com/story/news/politics/2013/12/10/congress-budget-deal/3966641/.
Espo, D. & Taylor, A. (2013, December 10). Bipartisan negotiators reach modest budget pact. Seattle Times. Retrieved December 10, 2013, from http://seattletimes.com/html/businesstechnology/2022435462_apxbudgetbattle.html
O’Brien, M., Hunt, K., & Thorp, F. (2013). Lawmakers announce compromise budget deal. NBC News. Retrieved December 2013, from http://nbcpolitics.nbcnews.com/_news/2013/12/10/21851499-lawmakers-announce-compromise-budget-deal?lite
Paletta, D. (2013, December 10). How the Budget Deal Stacks Up. Wall Street Journal. Retrieved December 10, 2013, from http://blogs.wsj.com/washwire/2013/12/10/how-the-budget-deal-stacks-up/
Przybyla, P. (2013, December 10). Murray Signals Deal on Bipartisan Budget as Lawmakers Fault Plan. Retrieved December 10, 2013, from http://www.sfgate.com/business/bloomberg/article/Murray-Signals-Deal-on-Bipartisan-Budget-as-5052283.php
Weisman, J. (2013). Congressional Negotiators Reach Budget Deal. New York Times. http://www.nytimes.com/2013/12/11/us/politics/party-leaders-indicate-deal-is-reached-on-budget.html?hpw&rref=us&_r=0