House Speaker Paul Ryan, Senate Majority Leader Mitch McConnell, Senate Minority Leader Chuck Schumer, House Minority Leader Nancy Pelosi (From left to right). Photo: Matt McClain/The Washington Post via Getty Images

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.

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