Highlights of a modest U.S. budget accord

(Reuters) – The modest U.S. budget deal approved in the U.S. House of Representatives Thursday gives both Democrats and Republicans something to brag about. Democrats can say they found relief from forced spending cuts on education and other domestic spending programs, while avoiding major changes to Medicare and Social Security benefits for the elderly. But airline travelers, newly hired federal employees and some military retirees would lose out in the agreement to be presented to Congress for approval in the next two weeks. Here are the major components of the tentative agreement negotiated by Republican Representative Paul Ryan and Democratic Senator Patty Murray: AUTOMATIC “SEQUESTER” SPENDING CUTS It blunts the effect of the already enacted across-the-board cuts by allowing spending on federal agencies and discretionary programs to rise by $63 billion over scheduled levels – $45 billion in fiscal 2014, which began on October 1, and $18 billion in fiscal 2015.