The U.S. Senate on Wednesday reached a two-year bipartisan budget deal worth around $300 billion that would lift caps on defense and domestic government spending in an attempt to end the kind of squabbling over fiscal issues that has plagued Washington for years. "This bill is the product of extensive negotiations among congressional leaders and the White House," Senate Majority Leader Mitch McConnell, a Republican , said on the Senate floor. "We worked hard to find common ground and remained focused on serving the American people. "Chuck Schumer, the leader of the Senate Democrats, said the deal should break the cycle of partisan fights over spending. His fellow Republicans control both chambers of Congress.The agreement also provides funds for disaster relief, infrastructure and programs addressing opioid abuse, the Senate leaders said.A congressional source familiar with the agreement said it would increase non-defense spending by $131 billion and include $20 billion for infrastructure spending.

Source: Economic Times February 07, 2018 18:33 UTC