U.S. House passes two-year budget deal

The U.S. House of Representatives on Wednesday passed a two-year budget deal that raises federal spending levels and expands the government's debt limit.

The legislation passed the House by a vote of 266 to 167. The deal would extend the government's borrowing authority through March 2017, when a new Congress and new president are in place.

The agreement would also raise federal spending by 80 billion U.S. dollars over fiscal years of 2016 and 2017, split evenly between the defense and non-defense spending programs.

The legislation now heads to the Senate, which is expected to pass it later this week or weekend.

The agreement has drawn opposition from Republicans in both chambers, as conservative Republicans demand stringent debt and spending controls.

The two-year budget deal provides top-line spending numbers; appropriators will have to hash out specifics.

Lawmakers will still need to pass detailed spending bills for the fiscal year 2016 by mid-December, when the current short-term spending bill expires.

The passage of the deal will eliminate the risk that the U.S. government might default on its debt until after the next presidential election.

The White House has repeatedly urged lawmakers in both chambers to pass the deal, saying that the legislation would provide two years of significant relief from sequestration for both defense and non-defense priorities and help to grow the economy and build middle-class economic security. Endite