Senate leaders have reached a two-year budget agreement to resolve a months-long impasse over spending levels.
The two-year deal would include a major boost for military spending, with slightly smaller increases for domestic programs. In the first year, defense spending would rise by $80 billion, with other spending going up by $63 billion, sources told CNBC earlier Wednesday. For the second year, those increases would be $85 billion and $68 billion, respectively.
News of the deal comes ahead of the potential government shutdown at the end of Thursday. Congress aims to avoid letting funding lapse for the second time in less than a month.
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