Budget in progress: Senators talk 2-year deal

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U.S. Senate leaders, in a rare bipartisan compromise, reached a deal on Wednesday to raise spending on military and domestic programs by nearly $300 billion over the next two years, but the agreement infuriated some fiscal conservatives. If approved, the bill would then go to Trump to be signed into law.

One Republican present at the White House round table, Virginia Rep. Barbara Comstock, disagreed with the president about provoking a government shutdown.

But President Donald Trump still isn't ruling out a shutdown over immigration policy, saying Tuesday he'd "love to see a shutdown if we can't get this stuff taken care of".

Democrats say they want to keep defence and non-defence spending linked together for the full year in an effort to ensure equal increases.

It would also deprive Senate Democrats of a tool they could use to stymie the Trump administration, which has been plagued by repeated accusations of Executive Branch abuses, including unprecedented nepotism and conflicts of interest, and obstruction of justice in the Federal Bureau of Investigation inquiry into alleged election meddling in 2016. Hours earlier, the Senate had voted 71-28 in favor.

Pelosi's marathon comes on a day when her Senate counterpart, Minority Leader Chuck Schumer, D-N.Y., struck a broad budget deal with McConnell.

He also said that the deal has the support of the White House, although he did not provide any specifics in that regard, Efe reported.

The agreement is likely to be added to a stopgap spending bill that passed the House on Tuesday, aimed at averting a government shutdown on Thursday at midnight.

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House Minority Leader Nancy Pelosi (D-CA).

Democrats have long pursued a strategy to link the federal funding debate to a solution for hundreds of thousands of "Dreamer" immigrants who were brought to the country illegally as children.

In financial markets, yields on benchmark 10-year notes rose on news of the budget deal, on expectations of higher growth and potentially greater Treasury supply.

Senate Majority Leader Republican Mitch McConnell delivers remarks regarding budget negotiations with Democrats during a news conference on Capitol Hill in Washington, DC, Feb. 6, 2018. Conservatives in the House are also expected to balk at a deal that raises spending by $300 billion over the next two years.

The bill came as the result of a 2011 standoff over the USA debt ceiling, when Republicans in Congress demanded spending cuts in exchange for giving the Obama administration the needed legal headroom to pay the federal government's obligations to its bondholders.

"I would shut it down over this issue", he said later in response to a question from a reporter.

House Speaker Paul Ryan said with this agreement they are breaking the logjam on a number of priorities for the American people.

Senate Democrats chose to delay their fight to protect the almost 700,000 young immigrants brought to the country illegally as children, which in part led to last month's three-day shutdown.

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