Bipartisan Negotiators Unveil Budget To Avoid January Shutdown

Congressional negotiators announced Tuesday they’d reached a budget proposal to restore about $65 billion worth of sequestration cuts in exchange for cuts elsewhere and additional fees.

If approved by both the House and Senate, the plan – hammered out by Republican Rep. Paul Ryan and Democratic Sen. Patty Murray — would avoid another government shutdown on Jan. 15.

Speaking at a news conference Tuesday evening, Ryan said the budget plan doesn’t raise taxes and that it’s a “step in the right direction.”

He said he sees the deal passing in the GOP-controlled House.

The Associated Press writes:

“Officials said the increases would be offset by a variety of spending reductions and increased fees elsewhere in the budget totaling about $85 billion over a decade, enough for a largely symbolic cut of roughly $20 billion in the nation’s $17 trillion debt.”

The Washington Post wrote earlier:

“Senior aides familiar with the talks have said the emerging agreement aims to raise agency spending to roughly $1.015 trillion in fiscal 2014 and 2015. That would bring agency budgets up to the target already in place for fiscal 2016.”

“Republican leaders were also seeking additional savings [to] reduce deficits projected to exceed $6 trillion over the next decade. But the deal is not expected to trim the debt, which is now larger, as a percentage of the economy, than at any point in U.S. history except during World War II.”