US Senate leaders reach budget deal to raise spending over two years

The deal would raise the spending caps by about $300 billion over two years

Senate leaders struck a far-reaching bipartisan agreement on Wednesday that would add hundreds of billions of dollars to military and domestic programs over the next two years while raising the federal debt limit, moving to end the cycle of fiscal showdowns that have roiled the Capitol.

The accord between Senators Mitch McConnell of Kentucky, the majority leader, and Chuck Schumer of New York, his Democratic counterpart, would raise strict caps on military and domestic spending that were imposed in 2011 as part of a deal with President Barack Obama that was once seen as a key triumph for Republicans