With a December 13th deadline looming large, House-Senate bipartisan budget negotiators reached a modest budget agreement early Tuesday evening that will replace tens of billions of dollars in spending cuts with longer-term savings and revenue.
Following weeks of secret meetings, House and Senate Budget Committee Chairs, Rep. Paul Ryan (R-WI) and Sen. Patty Murray (D-WA) publically announced their compromise, which would restore about $63 billion in automatic sequester spending cuts over two years, split evenly between defense and non-defense programs.
(Read more: Lawmakers announce compromise budget deal)
During an exclusive interview with CNBC Tuesday night, House Majority Leader Eric Cantor said GOP leadership supports the budget progress.
"The important piece to this deal, and, yes, it is a modest deal, is we maintain the savings of the sequester," Rep. Eric Cantor told 'The Kudlow Report.'
"What we've always said was we need the savings in the mandatory, the entitlement, the autopilot spending arena. The savings that are inside this budget deal really are primarily derived from reforms to the pension benefits for federal employees. This is the federal government finally trying to do what most responsible states are doing and dealing with their unfunded liabilities connected with their pensions."
The Ryan-Murray bargain would offset a reduction in sequester cuts by a variety of spending reductions and increased fees elsewhere in the budget totaling about $85 billion over a decade, which Cantor conceded is not exactly what Republicans wanted.