WASHINGTON (MEDIA GENERAL) – A major budget deal reached between House and Senate leadership with the White House could bring an end to brinkmanship politics until the beginning of 2017.
The 144 page proposal raises the debt ceiling until March 2017 and prevents the United States government from shutting down on Dec. 11.
Part of the bill eases spending caps, which allows for an extra 80 billion dollars spent over two years on defense and domestic programs.
“Neither side would argue it’s perfect, which is a clear sign of a good compromise,” said Sen. Chuck Schumer (D-NY).
Some House Republicans are upset the way the bill was formed by leadership behind closed doors.
“This deal will protect our economy and reduces the deficit,” said Speaker John Boehner (R-OH). “It’s going to pass with a bipartisan majority, and I’ll be happy.”
Wall Street and financial institutions around the world will also be happy. Lawmakers expect if they are able to pass this bill, it will create a stable, predictable financial outlook for the U.S. government, which in turn could help the economy and your 401K.
Speaker John Boehner plans to pass the bill in the House before handing off the gavel to Rep. Paul Ryan (R-WI). The House of Representatives could vote on the deal as early as Wednesday.
Leadership in the Senate has not set a date for a vote.