Senate Passes Two-Year Budget Agreement - Valley News Live - KVLY/KXJB - Fargo/Grand Forks

Senate Passes Two-Year Budget Agreement

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The Senate has passed a two-year budget agreement, sending the bill to President Obama's desk.

The final vote was 64 to 36 and promises to eliminate any threat of a government shutdown into 2015. The agreement had already been approved by the House of Representatives last week.

It will lift over $63 billion dollars in automatic sequester spending cuts, funneling the money equally into military and other domestic programs.  And the agreement's sponsors say it will reduce the deficit, partly through raising pension contributions for recently hired federal workers. 

The deal also puts new limits on pension growth for working-age military retirees. (those between 38 to 62).

President Obama is expected to sign the legislation before he leaves for his holiday vacation on Friday.

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