Budget Deal Poised for Passage in Senate
The Senate advanced a bipartisan budget deal on Tuesday designed to diffuse the fiscal battles that have plagued Washington during the last several years.
Sixty seven senators voted to cut off debate on the proposal, surpassing the 60-vote threshold needed to break a potential filibuster. Twelve Republicans joined all Democratic senators in voting yes. Thirty-seven senators voted no.
A vote on final passage is expected Wednesday, after which the bill will be sent to President Obama’s desk for his signature. The House overwhelmingly passed the proposal last week.
The deal would prevent another government shutdown in January. But it does not tackle contentious issues like tax reform and major sources of the national debt.
It makes a modest $65 billion reduction in across-the-board spending cuts, known as the sequester. And it would reduce the deficit by $22.5 billion. Total spending would be slightly north of $1 trillion in 2014 and 2015, an increase over the $967 billion level set by sequestration.
While the deal removes the possibility of a second shutdown in less than a year, it does not raise the debt ceiling. So get ready for another fiscal crisis as early as March.
Jordan Fabian is Fusion’s politics editor, writing about campaigns, Congress, immigration, and more. When he’s not working, you can find him at the ice rink or at home with his wife, Melissa.