Two-year budget deal reached, faces House vote this week

Top congressional negotiators on Tuesday announced a two-year, $2 trillion budget deal that would avert a government shutdown through October 2015, restore $63 billion in scheduled cuts and trim the budget deficit by $22.5 billion.

Senate Budget Committee Chairwoman Patty Murray, D-Wash., and House Budget Committee Chairman Paul Ryan, R-Wis., said neither side won everything it wanted but that the deal also didn’t violate either party’s core principles. Their plan, which will be vetted by the House and Senate, would spend $1.012 trillion in fiscal 2014, including $520.5 billion at the Pentagon.