A bipartisan budget deal announced in Congress on Tuesday could end three years of fiscal instability in Washington, Reuters reported.


The deal, which is modest in spending cuts, was praised by Republican leaders in the U.S. House of Representatives, but faces a challenge from some House Republicans and will require support of the minority of Democrats to pass.


President Barack Obama called it "a good first step" and urged Congress to pass it quickly.


Democratic Sen. Patty Murray and Republican Rep. Paul Ryan announced the $85 billion budget accord to reporters and called it the beginning of a new era.


The plan would allow federal agencies and discretionary programs to spend $63 billion more over two years, while savings are made elsewhere. It would also reduce the deficit by $20 billion to $23 billion over 10 years.


A CNNMoney article, though, lays out what the budget deal doesn't do. Included in the list: The deal doesn't replace the so-called sequester spending cuts for much of the rest of the decade, and it doesn't extend emergency unemployment benefits for long-term jobless Americans.