Budget deal: GOP trades spending hike for entitlement reform

An imminent budget deal between Republicans, Democrats and President Obama would raise federal spending beyond mandated caps for two years in exchange for "significant reform" to Social Security Disability Insurance.

The deal, which is not final, would also suspend the nation's borrowing limit until March of 2017, according to a source familiar with the developing accord. The current debt limit is $18.1 trillion, and suspending it would allow the government to continue borrowing without limit until early 2017.

Republicans were expected to officially release the contents of the agreement as early as Monday night.

Congress and the White House have been working behind the scenes for weeks to secure both a path to increasing the debt limit by Nov. 3, and a way to fund the federal government beyond a December 11 deadline. The agreement comes as House Speaker John Boehner, R-Ohio, prepares to hand over the gavel to his likely successor, Rep. Paul Ryan, R-Wis., on Thursday and would satisfy Boehner's desire to clear out major legislative hurdles before he departs.

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