Federal Budget Deal Would Soften Next Round of Sequester Cuts

Congressional negotiators have reached agreement on a budget deal that would set annual spending levels around $1-trillion in the 2014 and 2015 fiscal years and roll back some of the automatic spending cuts that are set to take effect in mid-January.

The agreement would soften the blow of the second round of cuts under the federal budget sequester, easing the looming hit to research and student aid.