Budget for Fiscal Year 2014 and 2015
The Bipartisan Budget Act
The Bipartisan Budget Act of 2013 currently serves as the federal budget for fiscal year 2014 and fiscal year 2015. It sets overall discretionary spending for fiscal year 2014 at $1.012 trillion. The Bipartisan Budget Act of 2013 provides $63 billion in sequestration relief over two years, split evenly between defense and non-defense discretionary programs. In fiscal year 2014, defense discretionary spending is set to $520.5 billion and non-defense discretionary spending is set to $491.8 billion. The act reduces the deficit by between $20 and $23 billion. Read more about the Bipartisan Budget Act here.
Details of the bill: