The increased spending was financed in part through $85 billion in reforms and "non-tax revenue," while also providing $63 billion in sequester relief split between military and non-military spending. Ryan said the proposal would reduce the deficit by $23 billion without raising taxes.
Though the tentative agreement falls far short of a "grand bargain" that solves overarching fiscal issues through a combination of new taxes and entitlement reforms, the agreement would offer some stability to government funding after several years of governing characterized by stopgap spending measures.
The deal also leaves some key elements facing Congress unsolved. Continued unemployment benefits, which Democrats want to authorize before the end of the year, are not part of the agreement. One idea under discussion, per a senior Senate Democratic aide, is agreeing to hold a separate vote on unemployment insurance this week.
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Ryan and Murray shuttled back and forth between meetings with each other and their respective parties' leadership throughout the day on Wednesday. Each said their leadership was supportive of the agreement, which helped facilitate the successful negotiations.
The proposal could face additional difficulty in the Republican-held House of Representatives, where conservative groups have already begun to work forcefully against the deal before its details were finalized. Conservative groups are wary of new revenues as well as spending above sequester levels.
If conservative Republicans balk at supporting the legislation, it would imperil its passage in the House unless Democrats overwhelmingly support the measure.
"I think conservatives should vote for this," said Ryan, who will make the case for the proposal to House Republicans on Wednesday morning. The former vice presidential candidate said he expected "great support" for the measure from fellow Republicans.
In any case, legislation to formalize the details of the bipartisan agreement would have to move quickly through Congress. The House is scheduled to wrap up its work for the calendar year this Friday, though the Senate is slated to stay in Washington a little while longer.
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Congress must vote to fund the government by Jan. 15, the date through which funding was extended as part of the agreement to end October's government shutdown.
Lawmakers face a separate deadline in February to raise the nation's debt limit. Ryan joked that Tuesday's announcement didn't touch on that looming challenge.
"That's another press conference subject matter," he said.