John Boehner is making one last push to complete an extensive, two-year budget agreement before he passes his post as speaker of the House over to his expected successor Paul Ryan this week, officials said on Monday.
The deal, which is in agreement with a must-pass augmentation in the national borrowing cutoff point, would resolve controversial problems that lie in wait for Ryan, who is set to be elected the new speaker on Thursday.
Additionally, the agreement would keep showdowns regarding budget and government shutdown off the table at least until after the 2016 elections, according to the Associated Press.
By Nov. 3, Congress must be able to increase the national borrowing cutoff point, otherwise it might run the risk of facing a first-ever default, while the funding to reimburse for government operations will come to an end on Dec. 11 unless Congress acts.
The developing outline would provide two years of a budget reprieve to both the Pentagon and domestic agencies worth $80 million in exchange for reductions elsewhere in the budget, according to Fox News.
House and Senate aides and top White House officials, the makers of the deal, must gain the support of majority of the Democrats and a few Republicans who often rein in at debt-ceiling bills and spending which they feel do not help shorten the budget deficit, according to the Wall Street Journal.