Senate Leaders Have Reached A Major Budget Deal

Senate Majority Leader Mitch McConnell, R-Ky., center, Senate Majority Whip John Cornyn, R-Texas, left, and Sen. John Thune, R-S.D., walk to a news conference following a weekly policy luncheon Tuesday. This week marks the last leg of Republicans' push to revamp the U.S. tax code. Must credit: Bloomberg photo by Zach Gibson

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.

Read more at CNBC.




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