WASHINGTON, D.C. – U.S. Senator Angus King (I-ME), a member of the joint House-Senate Budget Conference Committee, praised an announcement this evening by Senator Patty Murray and Committee Chairman Paul Ryan that they have reached a two-year budget agreement in advance of the budget conference’s December 13^th deadline:

“The announcement of a budget agreement by Senator Murray and Congressman Ryan represents a significant and desperately-needed victory for compromise and bipartisanship in a Congress that has been plagued by extreme gridlock,” Senator King said. “While there are provisions within the deal that I do not agree with, I understand that in order to move forward and best serve the nation, compromises must be made. I urge my colleagues to recognize that, although the deal is not perfect, it is a step in the right direction.”

The Bipartisan Budget Act of 2013 would set overall discretionary spending for the current fiscal year at $1.012 trillion – about halfway between the Senate budget level of $1.058 trillion and the House budget level of $967 billion. The agreement would provide $63 billion in sequester relief over two years, split evenly between defense and non-defense programs. In fiscal year 2014, defense discretionary spending would be set at $520.5 billion, and non-defense discretionary spending would be set at $491.8 billion.

The sequester relief is fully offset by savings elsewhere in the budget. The agreement includes dozens of specific deficit-reduction provisions, with mandatory savings and non-tax revenue totaling approximately $85 billion. The agreement would reduce the deficit by between $20 and $23 billion.

The House of Representatives is expected to take up the Bipartisan Budget Act first, followed by the Senate. If this bill is signed into law, the appropriations committees will then be able to work on spending bills at an agreed-upon level in advance of the January 15th deadline.

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