Senate Leaders Agree To 2-Year Spending Deal Worth $400B
Senate leaders announced a budget deal Wednesday that will increase federal spending by about $400 billion over two years, but the proposal faces potential resistance in the House.
The budget agreement negotiated by Senate Majority Leader Mitch McConnell, R-Ky., and Senate Minority Leader Chuck Schumer, D-N.Y., calls for a $63 billion increase in domestic spending and $80 billion more for defense spending. The deal includes similar spending levels for 2019.
The bill also calls for the lifting of limits on federal spending, which would allow the repeating increases in defense and domestic budgets.
The agreement also includes disaster relief for areas still coping with hurricane and wildfire cleanup efforts and additional funding for opioid treatment, each a priority for Democrats.
Schumer addressed the Senate to announce the agreement early Wednesday afternoon, noting the inclusion of several of the Democrats' demands. The agreement was reached after Senate Democrats agreed to set aside their immigration policy demands -- something House Democrats may not be willing to do.
It makes no reference to protected, undocumented immigrants who arrived in the United States as children, commonly known as Dreamers.
House Minority Leader Nancy Pelosi said Wednesday she wouldn't support any budget bill unless House Speaker Paul Ryan includes legislation for DACA recipients. Many other House Democrats are expected to follow suit.
"This morning, we took a measure of our Caucus because the package does nothing to advance bipartisan legislation to protect Dreamers in the House. Without a commitment from Speaker Ryan comparable to the commitment from Leader McConnell, this package does not have my support," Pelosi said in a statement.
Current funding for the government expires at midnight Thursday.
"I'm confident there's not going to be a government shutdown, and there shouldn't be," Sen. Susan Collins, R-Maine, said earlier.
The House passed a short-term budget deal Tuesday, which is separate from the Senate's agreement. Both houses will have to agree on one spending bill to send it to President Donald Trump -- and Pelosi's remarks indicate that the Senate proposal may face tough opposition in the lower chamber.
Some conservative House Republicans object to the the increased spending, while Democrats in the chamber want assurances on immigration. Trump has pledged to end DACA next month -- potentially leading to an untold number deportations -- unless the Obama-era program is reformed by Congress.



Apple® iPhone® X Users Can Now Access MassMutual’s RetireSMART(SM) Mobile App For Retirement Savers Through Facial Recognition
Simon Agency to Provide Top InsureTech Platform, Broker Buddha, to over 3,000 Retail Brokers
Advisor News
- Guaranteed income streams help preserve assets later in retirement
- Economic pressures make boomerang living the new normal
- Pay or Die: The scare tactics behind LA County’s Measure ER tax increase
- How to listen to what your client isn’t saying
- Strong underwriting: what it means for insurers and advisors
More Advisor NewsAnnuity News
- Guaranteed income streams help preserve assets later in retirement
- MassMutual turns 175, Marking Generations of Delivering on its Commitments
- ALIRT Insurance Research: U.S. Life Insurance Industry In Transition
- My Annuity Store Launches a Free AI Annuity Research Assistant Trained on 146 Carrier Brochures and Live Annuity Rates
- Ameritas settles with Navy vet in lawsuit over disputed annuity sale
More Annuity NewsHealth/Employee Benefits News
- Researchers from University of South Carolina Provide Details of New Studies and Findings in the Area of Opioids (Trends in Medicaid managed care benefits for opioid use disorder treatment, 2015-2019): Opioids
- State lawmakers push bill to stop insurance termination based on genetic tests
- CMS rule cracks down on ACA fraud and strengthens state control
- HHS Centers for Medicare & Medicaid Services Issues Notice for Medicare and Medicaid Programs; Quarterly Listing of Program Issuances-January Through March 2026
- Waco employees may see 7% hike for health coverage
Waco eyes 7% increase in employee health plan premiums, cut to GLP-1 coverage
More Health/Employee Benefits NewsLife Insurance News
- Best’s Market Segment Report: AM Best Revises Outlook on France’s Non-Life Insurance Segment to Stable from Negative, Reflecting Top-line Growth, Technical Profitability
- Pacific Life Launches New Flagship Variable Universal Life Insurance Product
- NAIFA launches “NAIFA Cares” initiative to help build long-term financial security for children
- The fiduciary standard for life insurance is here
- GenAI: Moving to the forefront of claims management
More Life Insurance News