Republican and Democratic lead budget negotiators are close to reaching a deal to reduce sequestration-related cuts for the next two fiscal years, Defense News reported Wednesday.Rep. Paul Ryan (R-Wis.) and Sen. Patty Murray (D-Wash.) could finalize a small-scale budget plan by the end of this week or early next week, according to the report by John Bennett and Vago Muradian.
An unidentified defense industry lobbyist told Defense News the two-year bipartisan proposal sets discretionary spending levels between $1.01 and $1.02 trillion, Bennett and Muradian write.
Military Times reports Congress intends to offset sequester cuts by coming up with $85 billion in savings and revenue increases.
