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Reports: White House, Congressional Leaders Reach Deal to Raise Debt Limit, Spending Caps

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Congressional leaders and senior White House officials hammered out a budget agreement Monday to extend the U.S.’ borrowing limit through March 2017 as well as increase government spending by about $112 billion over two fiscal years, The Hill newspaper reported Monday.

Alexander Bolton and Sarah Ferris write the deal would raise overall spending caps for military and domestic programs by $50 billion for FY 2016 and by about $30 billion for FY 2017.

The Defense Department‘s overseas contingency operations account would get $32 billion in additional funds spread over the current and next FY, the newspaper reports.

The two-year budget package culminates five weeks of discussions between Office of Management and Budget Director Shaun Donovan, White House Legislative Affairs Director Katie Beirne Fallon and leaders in the House and Senate.

CNN reports the agreement includes provisions to reform the Social Security disability trust fund and repeal an automatic enrollment policy under the healthcare law.

It would also extend the 2 percent decrease in Medicare payments to providers for another year, according to CNN.

The House could vote on the budget package as early as Wednesday, Reuters reported.

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