Senate Majority Leader Mitch McConnell and Minority Leader Chuck Schumer announced on the Senate floor Wednesday afternoon that a deal had been reached to fund the government for 2 years, which includes raising military spending but excludes a DACA provision.

Why it matters: The budget lifts sequestration caps, increasing discretionary spending by $300 billion over two years. The deal extends CHIP for 10 years instead of two and includes disaster relief and opioid response funding.

The highlights, per Schumer:

• $131 billion increase in domestic spending (to match increase in defense spending)
• $20 billion in infrastructure spending
• $6 billion in opioid treatment funding
• $5.8 billion for the Child Care Development Block Grant
• $4 billion for the VA
• $2 billion increase for the National Institutes of Health
• Children's Health Insurance Program extended for another four years

This story has been updated with details of the budget agreement from Schumer's floor speech.