The deal raises the debt limit and keeps non-defense spending 'near flat' for two years, while cutting and capping various federal programs, the NY Times reports. After 2025, however, there will be no budget caps.

It was structured with the aim of enticing votes from both parties, though it would most likely draw the ire not only of conservative Republicans but also Democrats furious at being asked to vote for cuts they oppose with the threat of default looming.

If the progressives or the Freedom Caucus don't blow it up, the plan has a chance of Congressional passage before June 5, the date Treasury Secretary Janet Yellen has warned any deal must be finalized by in order to avoid hitting the "X-date", when the Treasury can no longer meet its obligations.