Senate reaches two-year spending deal

The Senate has reached a two-year, bipartisan budget agreement that would increase defense and non-defense spending, GOP and Democratic lawmakers announced today.

"This bill is the product of extensive negotiations among congressional leaders and the White House," Senate Majority Leader Mitch McConnell (R-KY) said on the Senate floor. "No one would suggest it is perfect, but we worked hard to find common ground."

Initial reports suggest the total deal would provide an additional $300 billion in defense and non-defense spending above the caps set by the 2011 Budget Control Act.

The deal also includes an increase for the debt ceiling, disaster aid, funding to fight the opioid epidemic and four additional years of the Children's Health Insurance Program.

Watch Inside Defense for further reporting.