Congress Passes Budget Deal

Update: On October 30, the Senate voted 63-35 to pass the budget deal, and President Obama signed it into law on November 2.

On October 28, the House of Representatives voted 266-167 to pass a budget deal that raises federal spending levels by $80 billion through September 2017 and expands the government's borrowing authority through March 2017.

The deal would raise discretionary spending caps by a total of $80 billion in fiscal 2016 and 2017, splitting the increase evenly between defense and nondefense programs, and would pay for the additional spending through cuts to various entitlement programs, fee increases and other revenue raisers.  Among those revenue raisers is an extension of the 2 percent cut in Medicare payments established through the sequester through 2025.                                                                                                                                                                                       

The bill will now move to the Senate for consideration, where it is expected to pass before week’s end. The bill would then go to President Obama to be signed into law.

Read more about the budget deal here: http://thehill.com/policy/healthcare/258165-gop-eying-social-security-reforms-in-budget-deal