A look at budget deal taking shape in Congress

Spending would increase. The debt ceiling would be raised for two years, and there would be no government shutdowns for the next two years.

Additionally, attached to this package will be a CLEAN suspension of the debt limit until March 2017.

The budget deal in the works would also eliminate an increase in Medicare Part B premiums and deductibles for seniors that was triggered when the federal government announced no cost-of-living increase in Social Security payments.

Treasury Secretary Jack Lew has said the government would exhaust its borrowing capacity by Nov. 3, while analysts forecast the Treasury would not have enough cash to meet its debt payments in mid-November.

The ambitious accord, which is being negotiated by top House, Senate and White House officials, would boost defense and non-defense spending by $50 billion next year, and $30 billion the year after, split evenly between defense and non-defense programs.

“We’ve been clear about what our principles are”, Earnest told reporters at his daily briefing Monday. “And then to turn around and not do the debt limit threatens the economy of this country, significantly”.

Neither appears to be in the deal as it moves toward finalization, but are expected to see movement in the next few days.

Leadership of both parties began presenting the elements of the deal to rank-and-file members Monday evening, potentially setting up votes for as soon as Wednesday.

“Not everything has been agreed to”, Earnest said Monday.

The deal comes as House Speaker John Boehner, R-Ohio, prepares to retire on Friday. Without a Congress approved increased borrowing limit, the U.S.is facing another potential credit downgrade, similar to the events that led to the last one in 2011. Boehner is likely to be succeeded by House Ways and Means Committee Chairman Paul Ryan, R-Wis., in a Thursday election. The sequester cuts would be removed. No sensible business would run itself this way, and the federal government should be no different.