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Shortly after midnight, the Obama Administration and Congressional leadership announced the details of a broad budget deal designed address a number of complicated fiscal issues and provide certainty for federal operations, at least through the 2016 election cycle.
The Bipartisan Budget Act of 2015 would increase federal spending and temporarily remove the impending threat of sequestration by raising federal budget caps under current law, in addition to other important policy considerations. Highlights of the agreement include:
- Budget caps would be raised for Fiscal Years (FY) 2016 and 2017
- Federal spending would be increased by $80 billion over the same two year period
- Split evenly between defense and non-defense spending
- Federal debt limit would be raised through March 2017
- Provides for the continued solvency of the Social Security Disability Fund
- Prevents drastic increases in Medicare Part B premiums for 2016
Additional technical details are available in a section-by-section summary.
Talks had been progressing quietly over the past month but picked up in recent days as current House Speaker John Boehner (R-OH) nears his retirement date of October 30 and the federal debt limit is set to expire on November 3. While Congressional adoption of the deal is not yet guaranteed, leadership in both parties are optimistic that they can secure enough votes for final passage.
Implications for the Parkinson’s Community
The ambitious budget agreement provides greater certainty for federal spending over the next two years and would significantly reduce the threat of a government shutdown in December when the current continuing resolution expires.
Although it is unclear how the additional funding would be allocated, the increase in spending almost certainly means additional funding for key medical research agencies and priorities, including the National Institutes of Health. This would be welcome news for many critical new and continuing research projects awaiting news of federal support.
PAN is continuing to evaluate the budget agreement and will provide any additional details as they become available.