WASHINGTON (AP) — A modest, bipartisan budget pact designed to keep Washington from lurching from fiscal crisis to fiscal crisis and to ease the harshest effects of automatic budget cuts is on the brink of passing the Senate Wednesday.

The Senate is on track to clear the bill for President Barack Obama's signature after a 67-33 vote Tuesday in which it easily hurdled a filibuster threshold.

The measure would restore $45 billion, half the amount scheduled to be automatically cut from the 2014 operating budgets of the Pentagon and some domestic agencies, lifting them above $1 trillion. An additional $18 billion for 2015 would provide enough relief to essentially freeze spending at those levels for the year.

Continue Reading for Free

Register and gain access to:

  • Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.