LANHAM, Md. (CBSDC) — Budget leaders in Congress have announced a two-year deal that they say will abolish some of the spending cuts introduced by sequestration and keep the government from operating in “crisis-to-crisis” mode for the foreseeable future.
In a joint press conference Tuesday evening, House Budget Chairman Paul Ryan (R-Wis.) and Senate Budget Chairwoman Patty Murray (D-Wash.) said their proposal will not raise taxes but will also reduce the federal deficit by $23 billion.
CBS News reports that the agreement sets spending for the 2014 fiscal year at $1.012 trillion, including $63 billion of sequester relief and $85 billion of total savings.
The compromise replaces “some of the arbitrary, across-the-board spending cuts with smarter, permanent reforms” and ensures that the federal government won’t be shut down again in January, according to Ryan.
“For far too long here in Washington, D.C., compromise has been considered a dirty word,” Murray said.
She and Ryan complimented each other for focusing on common ground instead of getting caught up in the conflicting core principles of their respective parties.
“Our deal puts job and economic growth first by rolling back sequestration’s harmful cuts to education and medical research and infrastructure investments and defense jobs for the next two years,” Murray said.
“This deal doesn’t solve all of our problems, but I think it is an important step in helping to heal some of the wounds here in Congress. To rebuild some trust and show that we can do something without a crisis right around the corner.”
The deal will go first to the House, which is expected to act on it before holiday recess begins on Dec. 13. It will then be handed to the Senate.