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  • 1440 Daily Digest

Spending Deal

Congressional leaders reached an agreement on spending levels for the 2024 fiscal year, striking a roughly $1.7T deal ahead of looming deadlines to fund separate parts of the federal government. Leaders from both parties in the House and Senate approved the compromise, with individual appropriations bills sticking to the topline levels by separate committees. 

The funding level is around $100B more than a deal made between then-House Speaker Kevin McCarthy (R, CA-20) and President Joe Biden. Conservative lawmakers pushed for deeper spending cuts, a sticking point that left negotiations stalled and ultimately drove McCarthy's ouster. A deal would mark a key achievement for his successor, Speaker Mike Johnson (R, LA-4).

If passed, the deal would come roughly four months into the fiscal year; federal agencies have been operating on funds doled out in two previous short-term extensions. 

Two groups of federal agencies are set to run out of funding on separate dates: Jan. 19 and Feb. 2. 

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