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.