Dec.10 - The agreement, which still needs Congressional approval, would avert another government shutdown in January. Rough Cut (no reporter narration).
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ROUGH CUT (NO REPORTER NARRATION)
A rare compromise has emerged out of Congress that could help avert another government shutdown in January and for the foreseeable future.
The chief budget negotiators, Democratic Senator Patty Murray and Republican Representative Paul Ryan, held a joint news conference Tuesday night to announce details.
The two-year deal aims to restore Congress' normal budgeting process. It sets spending levels above the $967 billion cap set by the sequester with a fiscal year 2014 budget of around $1 trillion.
"From the outset we knew that if we forced each other to compromise our core principles we would get no where," said Ryan, who chairs the House Budget Committee. That is why we decided to focus on where the common ground is, so that's what we've done. That means to me a budget agreement that reduces the deficit without raising taxes and replaces some of the arbitrary across the board spending cuts with smarter permanent reforms that pay for this relief."
House Speaker John Boehner released a statement on Tuesday, saying that while the bipartisan budget deal is "modest in scale," it represents a positive step forward."
Conservative groups have warned that they would oppose it because it would blunt some of the automatic spending cuts known as "sequestration."
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