Congressional negotiators announce budget deal
AP: House and Senate negotiators announced a budget agreement that restores about $63 billion in automatic spending cuts and reduces the deficit by about $23 billion.
Congress is expected to vote on the legislation in the next several days.
Officials said the increases would be offset by a variety of spending reductions and increased fees elsewhere in the budget totaling about $85 billion over a decade, leaving enough for a largely symbolic cut of more than $20 billion in the nation’s $17 trillion debt.
The deal “reduces the deficit by $23 billion and it does not raise taxes. It cuts spending in a smarter way” than the ones in effect, said Rep. Paul Ryan, the Wisconsin Republican who chairs the House Budget Committee and was his party’s negotiator in several weeks of secretive talks.
His Democratic counterpart, Sen. Patty Murray of Washington, said, “We have broken through the partisanship and gridlock” that could have produced a government shutdown in January.
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Photo: House Budget Committee Chairman Paul Ryan, R-Wis., and Senate Budget Committee Chairwoman Patty Murray, D-Wash., announce a tentative agreement between Republican and Democratic negotiators on a government spending plan, at the Capitol in Washington, Tuesday, Dec. 10, 2013. (AP Photo/J. Scott Applewhite)