Obama OKs 2-year budget deal

President Obama on Nov. 2 signed a landmark two-year budget agreement that prevents an immediate default on the government’s debt and eases spending cuts through September 2017.

The government was on the brink of losing its ability to borrow additional funds as of Nov. 3, according to Treasury Department officials. Without congressional action, the nation would have defaulted on its debt, shaking up global financial markets and possibly initiating an economic recession.

The agreement suspends the debt limit until March 16, 2017.

The plan also lifts spending through September 2017 about $80 billion above the caps created under a 2011 agreement.

Raising the caps greatly reduces the imminent threat of a government shutdown. However, Congress still has to approve line items for the fiscal 2016 budget in December. The government currently is being funded by a continuing resolution that expires Dec. 11.

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Correction: The Set-Aside Alert edition of Oct. 23 should have identified former House Speaker Rep. John Boehner as a Republican from Ohio. We apologize for the error.