The Senate’s top Republican says there is a Senate agreement on a two-year, $400 billion budget deal that would give Pentagon and domestic programs huge spending increases.

Senate Majority Leader Mitch McConnell announced the pact and was joined on the Senate floor by Senate Democrat Chuck Schumer of New York. It would contain almost $300 billion over current limits on defense and domestic accounts.

Aides said that the bill contains almost $90 billion in overdue disaster aid and an increase in the government borrowing cap to prevent a government default on its obligations.

Source: The Latest: Senate leaders announce 2-year budget deal

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