Congressional leaders have agreed to a six-month extension of funding for government agencies and discretionary spending through March 2013, Reuters reports.
The current fiscal year ends Sept. 30 and the House and Senate both still need to approve the temporary stopgap measure through a full chamber vote.
House Speaker John Boehner (R-Ohio) and Senate Majority Leader Harry Reid (D-Nev.) agreed to a $1.047 trillion package, the amount specified in last summer’s debt ceiling agreement, David Lawder and Richard Cowan report for Reuters.
According to the report, $109 billion in across the-board cuts are coming in January under sequestration and the military is set to bear a $55 billion cut.
Jeffrey Zients, acting White House budget director, said in a memo cuts to the military budget will not affect personnel accounts including pay and compensation.
Lawder and Cowan write the spending deal is part of a “fiscal cliff” Congress must deal with after the election, which includes expiring tax cuts, the potential of sequestration, a debt ceiling increase and others.