Congress Passes Two-Year Budget Deal to Avoid Sequestration

Capitol_BuildingThe bipartisan deal to alleviate sequestration-related cuts in the next two fiscal years has been sent to the White House for President Barack Obama’s signature, Reuters reported Wednesday.

David Lawder and Richard Cowan write the House approved the budget agreement last week by a wide margin and the Senate cleared the deal in a 64-36 vote on Wednesday.

“All told, it’s a good first step away from the shortsighted, crisis-driven decision-making that has only served to act as a drag on our economy,” President Obama said in a statement obtained by Reuters.

The measure sets annual government spending at $1.012 trillion in 2014 and 2015 and trims automatic across-the-board cuts by $63 billion over the two-year period, Lawder and Cowan write.

Reuters reports the deal seeks to replace sequester cuts with airport security fees and pension changes for working-age military retirees and incoming federal workers.

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