A look at budget deal taking shape in Congress
Oct. 27, 2015
WASHINGTON (AP) — A look at some of the details of the potential two-year budget deal between Republican leaders in Congress and the Obama administration, as described by congressional aides and lawmakers. The current budget runs through Dec. 11:
—Raises the federal borrowing authority through March 2017 to avoid an unprecedented default. The Treasury Department says the deadline is Nov. 3.
—Increases spending for the military and domestic agencies by $80 billion over two years — $50 billion this year and $30 billion next year — by raising the spending caps imposed by the 2011 budget law. President Barack Obama and defense hawks in Congress would get almost all the money they are seeking for the Pentagon, as a special war-fighting account would be frozen at the current level.
—Offsets increases with spending cuts and other savings.
—Addresses a shortfall in Social Security payments to the disabled by preventing a 20 percent across-the-board benefit cut to recipients. Negotiators estimate changes in the disability program would result in $168 billion in savings over the long term.
—Ensures that Medicare beneficiaries don't face a premium increase. The increase could affect millions of seniors.