Yesterday, President Obama signed into law a two-year bipartisan budget deal which extends the nation’s debt limit through 2017, sets spending levels through September of that year, and raises the spending caps set in place in 2011 (providing for $80 billion in sequester relief split evenly between defense and non-defense).
The deal contains additional provisions, intended to offset the spending increases. Those include an elimination of two Social Security retirement benefit claiming strategies as well a provision that would enable the U.S. Treasury to lend money to the Medicare trust fund, resulting in only a modest increase in Medicare premiums.
New revenue would be raised by auctioning off portions of government-owned broadcast spectrum, selling oil from the Strategic Oil Reserve and by cracking down on audits of large business partnerships.
A complete summary of the law can be seen here on the Congress.gov web site.