Congress is inching closer to preventing a government shutdown as House Speaker Mike Johnson and Senate Majority Leader Chuck Schumer reached an agreement on a $1.59 trillion top-line budget for fiscal year 2024. While this is a significant step forward, time is running out for lawmakers to pass the funding bills necessary to avoid a shutdown. However, Johnson is already facing opposition from far-right House Republicans who argue that the agreed-upon cuts are not drastic enough. The Freedom Caucus has described the deal as a 'total failure.'
The majority of the agreed-upon budget aligns with the funding levels negotiated between former House Speaker Kevin McCarthy and President Joe Biden last summer. However, an additional $16 billion has been allocated, falling short of the $30 billion that Senate Republicans and defense spending proponents had hoped for. This budget deal represents the initial phase of negotiations, focusing solely on top-line funding.
