House and Senate budget committee leaders have jointly proposed a budget allocating more than $1 trillion in annual discretionary spending for the 2014 and 2015 fiscal years, FierceGovernment reported Tuesday.
Ryan McDermott writes the budget agreement sets the federal spending cap for fiscal year 2014 at $1.012 trillion and $1.014 trillion for FY 2015 and wants to raise federal retirement contributions and postal reforms in order to compensate for sequestration.
House Budget Committee Chairman Paul Ryan (R-Wis.) told a press conference the budget deal is meant to reduce deficit by $23 billion without increasing taxes, according to the report.
Senate Budget Committee Chairwoman Patty Murray (D-Wash.) also told the conference the plan will replace sequestration with targeted cuts, the report says.
Ryan and Murray expect both chambers to approve the deal in order to prevent another round of government-wide cuts when a continuing resolution expires on Jan. 15, FierceGovernment reports.