Congress, White House Reach Possible Budget Deal

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.