It appears another federal government shutdown has been averted. Budget leaders in both houses of congress announced a bi-partisan deal Tuesday Night.
Congressman Paul Ryan and Senator Patty Murray say the agreement would restore about $63 billion in funding that had been cut by the so-called sequester. It would also include roughly $23 billion in deficit reductions while not raising taxes.
The agreement avoids another government shutdown and averts another round of defense cuts expected next year.
With many Republicans and Democrats in Congress still at odds, Ryan and Murray say this deal is a step in the right direction.
"I think this agreement is a clear improvement on the status quo. This agreement makes sure that we don't have a government shutdown scenario in January. It makes sure we don't have a shutdown in October," said Rep. Ryan, R-House Budget Committee Chair.
"That uncertainty was devastating to our fragile economic recovery. The constant crises cost us billions of dollars in lost growth and jobs, and the continued across the board cuts from sequestration were forcing our families and communities to pay the price," said Sen. Murray, D-Senate House Budget Committee Chair.
This agreement is a two-year deal.
Both Ryan and Murray hope to have the bill passed thorough both houses just in time for the holidays.