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Congressional Budget Conference Committee Update

Dec 06, 2013

The leaders of the Congressional Budget Conference Committee — Senator Patty Murray (D-Wash.) and Representative Paul Ryan (R-Wis.) — are reportedly closing in on a small deal that would set spending levels for FY 2014 and provide some sequester relief. The package currently under consideration would increase spending to around $1 trillion — above both the FY 2013 level of $986 billion and the House FY 2014 cap of $967 billion, but below the Senate FY 2014 mark of $1.058 trillion. The deal also includes new revenues, which will be generated by fee increases as opposed to tax hikes.

Conferees have until December 13, 2013, to report back and committee leaders are expected to work through the weekend to finalize negotiations. Government funding runs out on January 15, 2014.