What You Need to Know About the Budget Deal

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Photo courtesy of http://www.upi.com

President Obama will have a shiny new budget deal to sign when he sits at his desk on Thursday morning as the United States Senate approved a two-year budget deal late Wednesday night.

The deal was approved by the House last week and is considered bi-partisan as it was supported by Democrats and Republicans.

That’s all well and good, but for most Americans interested in this story, what does it do for them?

Here are the main takeaways from Wednesday’s budget deal.

-“Domestic agencies” will receive a $22 billion increase in funding.

-Though sequestration remains alive with the new budget deal, the hit of the across-the-board spending cuts will be eased as the deal includes a $63 billion sequestration provision.

-Additionally, sequestration will graduate into 2023 in an effort to reduce the deficit.

-Spending for the Pentagon in 2014 will be $1.01 trillion.

-$6 billion in reduced payments to student-loan debt collectors.

-A $12 billion reduction in contributions to federal pensions.

-Airline security fees for passengers will increase by $12.6 billion.

A full budget summary is available via The Washington Post but some of the more important aspects of the deal are listed above.

-JH

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