The two-year pact, which would take those volatile fiscal issues off the table until after the 2016 presidential election, would give both the Pentagon and domestic agencies USD 80 billion in relief from budget constraints in exchange for cuts elsewhere in the budget.
Whether the tentative deal reached late Monday succeeds depends in great measure on the reception it gets from Republicans, including conservatives who forced out House Speak John Boehner. Boehner hopes to get the legislation passed before Rep. Paul Ryan's election as his successor, expected Thursday.
"This is again just the umpteenth time that you have this big, huge deal that'll last for two years and we were told nothing about it and in fact even today, were not given the details," said Rep. John Fleming, R-La. "And were probably going to have to vote on it in less than 48 hours." A vote could come as early as Wednesday in the House.
The newly assembled budget plan would restore order to Washington and remove the threat of budget and debt chaos - a premier goal of congressional Republicans like Senate Majority Leader Mitch McConnell of Kentucky, a key architect of the pact.
"We successfully secured equal increases in funding defense and non-defense priorities," said House Democratic Leader Nancy Pelosi. "We have extended the solvency of Social Security Disability Insurance and protected millions of seniors from a significant increase in their Medicare Part B premiums and deductibles next year. Most importantly, we have affirmed that the full faith and credit of the United States is non-negotiable and inviolable."