White House, Congress near budget agreement

WASHINGTON, Oct. 26 (UPI) -- Congressional leaders and White House officials are nearing agreement on a two-year budget as well as the lifting of the debt ceiling, sources close to the talks said.

Officials have until Nov. 3 to raise the debt limit before the Treasury says it will run out of money. The deadline to fund the government is Dec. 3.

A deal for both efforts was expected to be announced Monday evening, {link:those familiar with the negotiations said.

Also under consideration are measures to fund highway and infrastructure construction, which must be renewed by the end of the week, and renew the Export-Import Bank for another year after it lapsed during the summer, The Hill reported.

Under current negotiations for the budget deal, defense and non-defense spending would get a boost of $50 billion in 2016 and $30 billion in 2017. Additionally, there would be a cap imposed on premium increases for Medicare Part B beneficiaries.

Assuming a budget deal can be voted on this week in the House, it will pass only with overwhelming Democratic support. House Republicans are unlikely to support a compromise agreement, Politico reported.

A deal would eliminate the issue of a government shutdown.