U.S. Senate leaders reach $300 billion federal spending deal

From Reuters

The U.S. Senate, in a rare display of bipartisanship, on Wednesday reached a two-year budget deal to raise federal spending by almost $300 billion, in an attempt to end the kind of squabbling over fiscal issues that has plagued Washington for years.

The agreement, announced by both the Republican and Democratic leaders of the Senate, would lift caps on defense funding and some domestic government spending. Along with President Donald Trump’s tax cuts approved by Congress in December, the new round of spending would further add to the bulging federal deficit.

“This bill is the product of extensive negotiations among congressional leaders and the White House,” Senate Majority Leader Mitch McConnell, a Republican, said on the Senate floor. “We worked hard to find common ground and remained focused on serving the American people.”

The plan will need to be passed in the House of Representatives and the Senate, both controlled by Trump’s fellow Republicans, before going to the president to sign.