WASHINGTON — The deal announce on Sunday by Congressional leaders and the White House would make across-the-board cuts in military spending, education, transportation and Medicare payments to health care providers if Congress does not enact further deficit-cutting legislation by the end of the year.
The deal, as described by lawmakers and White House officials, would initially save more than $900 billion over 10 years by imposing annual limits on spending for most federal agencies and programs.
The Congressional Budget Office has not analyze the proposal, so the numbers are not firm. But the White House said the agreement would “cut $350 billion...