The Senate of the U.S. Congress passed a budget agreement

WASHINGTON, October 30. The U.S. Senate adopted on Friday the agreement on draft Federal budgets for 2016 and 2017 fiscal years and to raise the debt ceiling. This was reported by Reuters.

For this decision voted 64 senators, against – 35. Now these projects will be focused on the signature of President Barack Obama. He needs to sign them before 3 of November.

Compromise agreements

That the legislative and Executive branches of government agree on budgetary matters, earlier this week announced speaker of the house John Boehner.

According to him, the size of the discretionary (optional) spending budget for the 2016 fiscal year, which began October 1, will be $1,067 trillion, in 2017 – $1,070 trillion. Base defense spending in the 2016 fiscal year set at $548,1 billion.

In addition, as stressed by Boehner, occupying the third largest state in the hierarchy of the US post after the President and Vice-President, an arrangement “to prevent default, which would threaten our economy” through a new increase of the debt ceiling for the period up to March 2017.

Earlier, the U.S. Treasury announced that the debt ceiling will be reached two days earlier than previously expected, to 3 November. Without a sufficient cash “of the United States for the first time in its history will not be able to fulfil all its obligations,” warned the Agency. Currently the debt ceiling is set at $18.1 trillion, which exceeds 100% of GDP.