This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-34646935
The article has changed 3 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| US Congress reaches budget deal with White House | US Congress reaches budget deal with White House |
| (35 minutes later) | |
| Republicans in the US Congress have reached a compromise budget deal with the White House to avert the prospect of a renewed government shutdown. | Republicans in the US Congress have reached a compromise budget deal with the White House to avert the prospect of a renewed government shutdown. |
| If passed by both houses, the two-year deal will increase spending by $80bn (£52.1bn). | If passed by both houses, the two-year deal will increase spending by $80bn (£52.1bn). |
| It will also be the last budget deal reached by President Barack Obama, lasting until March 2017. | It will also be the last budget deal reached by President Barack Obama, lasting until March 2017. |
| The government needs to raise its borrowing limit by 3 November or risk defaulting on its debts. | The government needs to raise its borrowing limit by 3 November or risk defaulting on its debts. |
| The Treasury Department had already postponed two bond sales as it waited for an agreement. | |
| The deal is the last to be reached by House Speaker John Boehner before he retires from Congress. He is expected to hand the reins of Speaker to Rep Paul Ryan on Thursday and retire on Friday. | The deal is the last to be reached by House Speaker John Boehner before he retires from Congress. He is expected to hand the reins of Speaker to Rep Paul Ryan on Thursday and retire on Friday. |
| Debt ceiling | |
| Both sides were eager to reach a longer-term deal. President Obama had said he would not sign any more short-term budget agreements, while Republicans in the House of Representatives were concerned that a potential shutdown would harm them in an election. | Both sides were eager to reach a longer-term deal. President Obama had said he would not sign any more short-term budget agreements, while Republicans in the House of Representatives were concerned that a potential shutdown would harm them in an election. |
| The agreement addresses two financing issues at once, raising the debt limit and increasing the budget. | |
| The debt ceiling allows the US government to make payments on debt it has already borrowed. Reaching a financing deal prevents automatic budget cuts that were a result of the 2011 budget deal. | |
| Republicans who were keen to defend the military budget were particularly concerned about these automatic cuts. | |
| Committees in the House and Senate still need to produce an omnibus spending bill by 11 December, detailing budgets and spending limits for individual government agencies. | |
| Conservative Republicans who oppose increasing the budget could still stand in the way of the deal. Some may attempt to add provisions known as "riders" to the bill that allow them to push through parts of their agenda, such as defunding Planned Parenthood. |