Major Senate Budget Deal

Some happy news has emerged from south of the border amid congressional acrimony.

Senate leaders in the U.S. have reportedly reached a two-year budget agreement to resolve a months-long impasse over spending levels.

The two-year deal, which would increase current spending caps by roughly $300 billion, would include a major boost for military spending, with slightly smaller increases for domestic programs. It would also authorize funds for disaster aid, community health centers, the Children's Health Insurance Program and fighting the opioid crisis.

"This bill is a product of extensive negotiations among congressional leaders and the White House. No one would suggest it is perfect, but we worked hard to find common ground and stay focused on serving the American people," Senate Majority Leader Mitch McConnell said in announcing the agreement.

Democratic Senate Leader Chuck Schumer, while acknowledging that both sides had to make "painful" concessions to strike the deal, called it a "win for the American people" and a "genuine breakthrough."

The deal includes:

A $165-billion increase in military spending

A $131-billion boost to domestic program spending

Funding for disaster relief efforts in Texas, Florida and Puerto Rico

Two years of funding for community health centers

Another four-year extension of the Children's Health Insurance Program, for a total of a decade

Funding for existing infrastructure programs related to transportation, drinking water and broadband

News of the agreement comes ahead of the potential government shutdown at the end of Thursday. Congress aims to avoid letting funding lapse for the second time in less than a month.