BREAKING: Congress and White House reach two-year budget agreement with sequester relief

Right around midnight, congressional leaders and the White House reached a budget deal to #RaiseTheCaps and extend the debt ceiling. A copy of the Bipartisan Budget Act of 2015 is available here.
The New York Times has a summary here. It appears:
  • The BBA would increase discretionary spending by $80 billion over two years
  • It would spread relief equally between defense and nondefense discretionary programs
  • It would be spread over two years (fiscal 2016 and 2017), providing $80 billion in relief–$50 billion in FY16 and $30 billion in FY17 (so $25 billion in relief for NDD in ’16 and $15 billion for NDD in ’17)
  • It would also provide an additional $32 billion in overseas contingency operations funding for defense and nondefense security programs spread evenly between FY16 and FY17.
Spending offsets include a one-year extension of mandatory spending sequestration, selling a portion of the strategic petroleum reserve and airwaves spectrum and structural changes to Medicare and Social Security.
The deal also extends the debt ceiling until March 5, 2017.
It is not clear how the National Institutes of Health and other science funding agencies would benefit, but this deal is likely to provide appropriators with the ability to increase funding without cuts to other NDD programs.
Continue to check back here or follow @bwcorb on Twitter as we continue to update with more details.
(Tiffany Kaszuba from the Coalition for Health Funding contributed largely to this posting – thanks Tiffany!)

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