White House, Congress reach tentative budget deal

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Congress, White House Reach Budget Deal

The White House and congressional leaders reached a two-year budget deal overnight to lift mandatory spending caps on defense and domestic programs and raise the federal debt ceiling, in an attempt to avert yet another fiscal standoff.

U.S. House of Representatives Speaker John Boehner presented details of the pact to his rank-and-file in a closed-door meeting early on Tuesday with the hope of advancing it to a floor vote by Wednesday and sending it to the Senate for passage.

Republican Representative Paul Ryan, who is expected to be elected to the top House job of speaker on Thursday, replacing the retiring Boehner, told reporters he was reserving judgment on the agreement until he reviewed its details.

SEE ALSO: Paul Ryan is in, will seek job of House speaker

And in a nod to rebellious fellow Republicans who are clamoring for changes in the way the Republican-controlled House is run, Ryan added, "I think this process stinks," hinting that "under new management" work will get done well before deadlines.

If Congress does not act quickly to raise the debt ceiling, the federal government could begin moving into default next week because the Treasury Department would no longer be able to borrow money to pay Washington's bills. It has estimated that funds will be mostly exhausted next Tuesday.

Beyond that, Congress must agree to new spending for an array of federal programs by Dec. 11 or risk shutting down much of the government. The two-year budget deal that was negotiated provides top-line spending numbers; appropriators will still have to hash out specifics by mid-December.

See government spending by program:

Representative Thomas Massie, a hard-line conservative, acknowledged that he and other opponents will not be able to stop the budget and debt limit deal. They oppose the higher spending.

"We're going to lose," he told reporters.

A White House official said that the compromise deal would protect Social Security and Medicare beneficiaries from cuts, and urged members of Congress from both the Republican and the Democratic parties to pass it.

See photos of the scene inside the Capitol:

10 PHOTOS
Republicans, White House reach deal on debt extension
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White House, Congress reach tentative budget deal
U.S. House Speaker John Boehner, a Republican from Ohio, arrives to a Republican meeting in the basement of the U.S. Capitol in Washington, D.C., U.S., on Tuesday, Oct. 27, 2015. President Barack Obama and top lawmakers from both parties reached a tentative budget agreement that would avert a U.S. debt default and lower chances of a government shutdown, lessening years of political friction over fiscal policy in Washington. Photographer: Andrew Harrer/Bloomberg via Getty Images
Representative Paul Ryan, a Republican from Wisconsin and chairman of the House Ways and Means Committee, speaks to members of the media as he arrives to a Republican meeting in the basement of the U.S. Capitol in Washington, D.C., U.S., on Tuesday, Oct. 27, 2015. President Barack Obama and top lawmakers from both parties reached a tentative budget agreement that would avert a U.S. debt default and lower chances of a government shutdown, lessening years of political friction over fiscal policy in Washington. Photographer: Andrew Harrer/Bloomberg via Getty Images
WASHINGTON, DC - OCTOBER 27: U.S. Speaker of the House Rep. John Boehner (R-OH) wipes tears during a news briefing after a House Republican Caucus meeting October 27, 2015 at the Capitol in Washington, DC. Congressional leaders had reached to an agreement with the White House to raise domestic and defense spending and lift the debt limit until March 2017. (Photo by Alex Wong/Getty Images)
House Majority Leader Kevin McCarthy, a Republican from California, arrives to a Republican meeting in the basement of the U.S. Capitol in Washington, D.C., U.S., on Tuesday, Oct. 27, 2015. President Barack Obama and top lawmakers from both parties reached a tentative budget agreement that would avert a U.S. debt default and lower chances of a government shutdown, lessening years of political friction over fiscal policy in Washington. Photographer: Andrew Harrer/Bloomberg via Getty Images
Representative Paul Ryan, a Republican from Wisconsin and chairman of the House Ways and Means Committee, speaks to members of the media as he arrives to a Republican meeting in the basement of the U.S. Capitol in Washington, D.C., U.S., on Tuesday, Oct. 27, 2015. President Barack Obama and top lawmakers from both parties reached a tentative budget agreement that would avert a U.S. debt default and lower chances of a government shutdown, lessening years of political friction over fiscal policy in Washington. Photographer: Andrew Harrer/Bloomberg via Getty Images
WASHINGTON, DC - OCTOBER 26: Speaker of the House John Boehner (R-OH) (R) tells reporters that he is 'cleaning out the barn, cleaning out the barn,' as he heads to a GOP conference meeting at the begining of his last week in the House of Representatives October 26, 2015 in Washington, DC. The White House and Boehner may be nearing a two-year budget deal that would avert another government shutdown, increase defense and defense spending by $80 billion and extend the debt limit through to March 2017, clearing it away until after the 2016 elections. (Photo by Chip Somodevilla/Getty Images)
WASHINGTON, DC - OCTOBER 26: House Majority Leader Kevin McCarthy (R-CA) (C) heads to the floor for votes following a GOP conference meeting in the U.S. Capitol October 26, 2015 in Washington, DC. The White House and House Republicans may be nearing a two-year budget deal, according to published reports, that would avert a government shudown, increase defense spending by $80 billion and extend the debt limit to March 2017, clearing it away until after the 2016 elections. (Photo by Chip Somodevilla/Getty Images)
WASHINGTON, DC - OCTOBER 26: Speaker of the House John Boehner (R-OH) (2nd R) tells reporters that he is 'cleaning out the barn, cleaning out the barn,' as he heads to a GOP conference meeting at the begining of his last week in the House of Representatives October 26, 2015 in Washington, DC. The White House and Boehner may be nearing a two-year budget deal that would avert another government shutdown, increase defense and defense spending by $80 billion and extend the debt limit through to March 2017, clearing it away until after the 2016 elections. (Photo by Chip Somodevilla/Getty Images)
WASHINGTON, DC - OCTOBER 26: House Budget Committee Chairman Paul Ryan (R-WI) (C) heads to the floor for a vote following a GOP conference meeting in the U.S. Capitol October 26, 2015 in Washington, DC. The White House and House Republicans may be nearing a two-year budget deal, according to published reports, that would avert a government shudown, increase defense spending by $80 billion and extend the debt limit to March 2017, clearing it away until after the 2016 elections. (Photo by Chip Somodevilla/Getty Images)
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"It's a responsible agreement that is paid for in a balanced way by ensuring that hedge funds and private equity firms pay the taxes they owe and by cutting billions in wasteful spending," the official said in a statement.

Under the plan, the higher borrowing authority would be in effect until March 2017.

In addition, 58 million barrels of oil from U.S. emergency reserves held at the Strategic Petroleum Reserve would be sold over six years, starting in fiscal 2018, to help pay for the additional spending over two years, according to a copy of the bill posted to a congressional website.

If successful, the agreement would mark a final act for Boehner to clear some politically divisive legislation as Ryan takes over as speaker - assuming the Wisconsin lawmaker gets a majority of the House votes in an election set for Thursday that would win him the top job.

Related: Photos from Congress' budget talks and temporary spending vote last month:

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Congress budget, temporary spending bill
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White House, Congress reach tentative budget deal
An American flag hangs from fire truck ladders in front of the U.S. Capitol building in Washington, D.C., U.S., on Wednesday, Sept. 30, 2015. The Senate passed a U.S. government spending plan hours before a shutdown deadline Wednesday as President Barack Obamas administration sought to facilitate talks with congressional leaders on a longer-term budget deal. Photographer: Andrew Harrer/Bloomberg via Getty Images
Republican presidential candidate, Sen. Ted Cruz, R-Texas, leaves after voting against a Senate stopgap spending bill that would avert a government shutdown, Wednesday, Sept. 30, 2015, on Capitol Hill in Washington. A temporary funding measure that would keep the government open past a midnight deadline easily sailed through the Senate on Wednesday and should shortly make its way through a badly divided House and on to President Barack Obama. (AP Photo/Jacquelyn Martin)
Republican presidential candidate, Sen. Rand Paul, R-Ky. points while talking with visitors on Capitol Hill in Washington, Wednesday, Sept. 30, 2015. A temporary funding measure that would keep the government open past a midnight deadline easily sailed through the Senate on Wednesday and should shortly make its way through a badly divided House and on to President Barack Obama. Paul voted against the spending bill. The vote now goes to the House. (AP Photo/Jacquelyn Martin)
Sen. John McCain, R-Ariz. talks with visitors on Capitol Hill in Washington, Wednesday, Sept. 30, 2015, after voting yes in a Senate vote that approved a stopgap spending bill to avert a government shutdown. The vote now goes to the House. (AP Photo/Jacquelyn Martin)
Sen. Jeff Flake, R-Ariz. speaks with a reporter on Capitol Hill in Washington, Wednesday, Sept. 30, 2015, after voting yes for a Senate approved stopgap spending bill to avert a government shutdown. The vote now goes to the House. (AP Photo/Jacquelyn Martin)
Democratic presidential candidate Sen. Bernie Sanders, I-Vt., left, is interviewed as he leaves after a Senate vote on Capitol Hill in Washington, Wednesday, Sept. 30, 2015. to approved a stopgap spending bill to avert a government shutdown. Sen. Gary Peters, D-Mich. is at center/ . (AP Photo/Jacquelyn Martin)
Sen. Kelly Ayotte, R-N.H., talks on her cell phone in the Senate subway on Capitol Hill in Washington, Wednesday, Sept. 30, 2015, after voting yes in a Senate vote that approved a stopgap spending bill to avert a government shutdown. The vote now goes to the House. (AP Photo/Jacquelyn Martin)
The Capitol Dome, covered with scaffolding is seen on Capitol Hill in Washington, Wednesday, Sept. 30, 2015. On Wednesday, the Senate easily approved a stopgap spending bill to avert government shutdown; House to follow. (AP Photo/Carolyn Kaster)
Sen. John McCain, R-Ariz., sits in the Senate subway on Capitol Hill in Washington, Wednesday, Sept. 30, 2015, after voting yes in a Senate vote that approved a stopgap spending bill to avert a government shutdown. The vote now goes to the House. (AP Photo/Jacquelyn Martin)
Sen. Kelly Ayotte, R-N.H., talks on her cell phone in the Senate subway on Capitol Hill in Washington, Wednesday, Sept. 30, 2015, after voting yes in a Senate vote that approved a stopgap spending bill to avert a government shutdown. The vote now goes to the House. (AP Photo/Jacquelyn Martin)
The Capitol Dome, covered with scaffolding is seen on Capitol Hill in Washington, Wednesday, Sept. 30, 2015. On Wednesday, the Senate easily approved a stopgap spending bill to avert government shutdown; House to follow. (AP Photo/Carolyn Kaster)
Sen. Kelly Ayotte, R-N.H., talks with reporters as she stands in an elevator on Capitol Hill in Washington, Tuesday, Sept. 29, 2015. Ayotte is boldly taking on a role most of her fellow Republicans have shied away from: public foil to Republican presidential candidate Ted Cruz. Readying for what could be a tough re-election bid in an increasingly swing state, Ayotte has challenged Cruz as he has pushed the Senate to resist compromise and deny taxpayer money to Planned Parenthood even if it means a government shutdown.(AP Photo/Carolyn Kaster)
House Majority Leader Kevin McCarthy of Calif., left, leaves the House Chamber after the House approved a stopgap spending bill to keep the federal government open, Wednesday, Sept. 30, 2015, on Capitol Hill in Washington. Just hours before a midnight deadline, a bitterly divided Congress approved the stopgap spending bill to keep the federal government open, but with no assurance there won't be yet another shutdown showdown in December. (AP Photo/Andrew Harnik)
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Central to the pact is the easing of across-the-board budget caps which would allow an additional $80 billion in spending over two years, split evenly between military and domestic programs. About $50 billion in added spending would come in fiscal 2016, which started on Oct. 1, and $30 billion would be added to the fiscal 2017 budget.

"The bipartisan budget package unveiled last night represents real progress for hard-working families across the country," House Democratic leader Nancy Pelosi said in a statement.

Federal debt over time:

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