Lawmakers in the House and then the Senate have just five days before June 5, the latest date for the U.S. government to begin defaulting on its financial obligations.
The new 99-page agreement suspends the borrowing limit for two years and limits government spending during that period. It would cut spending on Democrats' preferred domestic priorities, while boosting military spending by about 3%. It also expands restrictions on federal food aid to induce beneficiaries to find jobs. The House of Representatives will not put the bill to a vote until Wednesday, part of a deal.