House takes up budget deal

STORY HIGHLIGHTSThe president will begin to lay out his plan for long-term deficit reduction this weekThe White House and congressional leaders agree to cut spending by $38.5 billionA House vote on the budget deal is expected WednesdayThe Senate will then take up the bill (CNN) -- The House is scheduled to begin considering on Monday a budget deal covering the remainder of this fiscal year. A vote is expected on Wednesday.

The Senate would take up the bill at some point after that, according to Jon Summers, a spokesman for Senate Majority Leader Harry Reid's office.

Last week, President Barack Obama and congressional leaders negotiated an agreement to cut $38.5 billion in non-military discretionary spending for the rest of the current fiscal year, which ends on September 30.

Obama signs short-term funding extension

The deal came about an hour before funding authorization for the government was scheduled to expire, which would have partially shut down government operations.

On Wednesday, the president will begin to lay out his plan for long-term deficit reduction -- something that has been demanded by conservatives.

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