Congress passed a bipartisan budget agreement that will avoid the potential of a federal government default by extending the debt ceiling until March 15, 2017.
The agreement raises spending caps by $80 billion on domestic spending over the next two fiscal years, equally divided between defense and non-defense spending. The increase in spending is offset by an equal amount of spending cuts and increased revenue.
The agreement should clear the way for finalizing a fiscal year 2016 appropriations bill. The government is currently funded through Dec. 11. The agreement was the result of negotiations between the House and Senate Republican and Democratic leadership and the White House.