US budget update: bipartisan deal may have averted shutdown but more challenges await

President Barack Obama has signed into law the Bipartisan Budget Act of 2013, which had earlier broken through the partisan budget logjam in Washington by passing the House by a vote of 332 to 94 and the Senate by a vote of 64 to 36.

The achievements of the bill were minor in spending changes and revenue raised but significant in that the bill represented the first bipartisan budget passed by a divided Congress in 27 years.

The bill sets spending limits for FY 2014 and FY 2015, eliminating the need for Congress to pass another budget until after September 2015. The provisions of the bill, in brief, include…

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