Congressional leaders in Washington, D.C. have reached a $1.59 trillion U.S. deal on topline spending that will help avoid a shutdown and keep the federal government open.
The deal establishes a budget of $1.59 trillion U.S. for the 2024 fiscal year, allocating $886 billion U.S. to military spending and $704 billion U.S. for non-defense spending.
The deal comes as the U.S. House of Representatives and Senate inch closer to a Jan.19 deadline when funding runs out for many federal agencies.
Funding for the entire U.S. government expires on Feb. 2 and could lead to a shutdown of all federal agencies unless the new spending legislation is signed into law by that date.
The new funding deal still must be voted on in the U.S. Senate and approved by President Joe Biden.
Concessions made in the new budget bill include a $10 billion U.S. cut to the Internal Revenue Service (IRS).
In a statement, President Biden seemed to approve of the deal in principle, and the progress it makes toward averting a government-wide shutdown.
