WASHINGTON, Oct. 26 (UPI) -- House lawmakers submitted a new budget proposal Monday that would fund the government, raise the debt ceiling and boost spending by $80 billion over two years.
The 144-page bill was introduced by House Republicans just before midnight Monday. Lawmakers could vote on the bill as early as Wednesday.
The proposed budget raises military and domestic spending and includes long-term cuts to some social programs, The Washington Post reported Monday.
The legislation also would move the debt ceiling to March 2017 and remove fiscal restraints imposed by a 2011 budget accord known as sequestration, The Hill congressional blog reported earlier Monday.
The new legislation also increases spending by $80 billion in fiscal years 2016 and 2017 and provides equal monies for defense and non-military spending -- a move intended to satisfy Republicans and Democrats.
Officials have until Nov. 3 to raise the debt limit before the Treasury Department says it will run out of money. The deadline to fund the government is Dec. 3.
Also under consideration in the legislation 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.
Analysts said it wasn't clear whether House conservatives will vote for the budget agreement, though.
"I would say that we're very skeptical at this point," Rep. John Fleming, R-La., said.
Ed Adamczyk contributed to this report