US lawmakers Paul Ryan, Patty Murray reach two-year budget deal

Budget negotiators in the U.S. Congress have reached a two-year agreement aimed at avoiding a government shutdown on Jan. 15 and setting federal government spending levels through Oct. 1, 2015.

Democratic Senator Patty Murray and Representative Paul Ryan scheduled a news conference for 6 p.m. EST (2300 GMT) to announce the details of the deal they worked out. "I'm happy we're going to avoid raising taxes, going to stay within the budget caps and in addition, have some deficit reduction," said Senator Rob Portman, who is a member of a larger congressional budget panel.

"And I'm pleased we're going to avoid a government shutdown."