As the budget deal nears approval, what it means for you


Matthew Giarmo of Alexandria, Virginia, who lost his contract job with the Department of Health and Human Services in 2012, holds up a sign seeking a job with a lower salary than he would normally ask for on a street corner in Washington, D.C. on Oct. 8, 2013.


Alex Wong

The Senate is close to passing a bipartisan budget deal that would fund the federal government for the next two years, but what will it mean for you?

While relatively skinny at a mere 77 pages, the plan packs a big punch.

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First and foremost, it restores $45 billion — or about half — of the spending that had been slashed as part of cuts imposed by the sequester.

The military's discretionary budget will actually go up by $2 billion, and money will likely be restored to programs for the needy like Head Start and Meals on Wheels, many of which had suffered devastating losses under the sequester.

Spending on programs for children with special needs could also receive a boost.

However, airline tickets will become more expensive under the deal with the increase of a fee travelers pay to the Transportation Security Administration.

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A typical fee of $5 on a round-trip ticket would more than double to $11.20.

And while passengers may not notice, many airlines are pretty upset.

Unemployment benefits will expire for about 1.3 Americans under the deal, and new federal employees will have to pay more into their retirement programs to keep pensions afloat.

And this is all only for the next two years.

The current deal leaves the budget cuts forced by the sequester at full power for the following seven years. It also adds a new set of forced budget cuts and a few extended fees for 2022 and 2023.