COMPROMISE REACHED
President Barack Obama and House Republican Leader John A. Boehner (R-Ohio) gesture while Speaker of the House Nancy Pelosi (D-Cal.) and Senate Majority Leader Harry Reid (D-Nev.) look on.
President Barack Obama and House Republican Leader John A. Boehner (R-Ohio) gesture while Speaker of the House Nancy Pelosi (D-Cal.) and Senate Majority Leader Harry Reid (D-Nev.) look on.
White House photo

Congress, White House Reach Possible Budget Deal

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Congress and the White House have reached a tentative budget agreement, which may go to a vote in the House as early as Oct. 28.

The deal, which increases overall spending by $80 billion over the next two years, cuts some social programs, and raises the federal borrowing limit, must be approved by both the House and Senate in order to prevent the government from defaulting on its debt.

With both sides agreeing to compromise on large issues, this deal is a major accomplishment after years of fiscal gridlock in Congress. The decision also comes Speaker of the House John Boehner, a Republican from Ohio, is expected to turn over his position to Rep. Paul Ryan of Wisconsin.

Get the full story at The New York Times.