US lawmakers agree on US$1.6 trillion federal budget

US lawmakers announced a bipartisan agreement Sunday on fiscal year 2024 funding totals that marks a step towards averting a looming government shutdown in a presidential election year.

The agreement on a roughly US$1.6 trillion "topline" federal spending limit was announced by Republican House Speaker Mike Johnson and Democratic leaders in Congress after weeks of negotiations.

It was swiftly applauded by President Joe Biden, who said in a statement that the deal "moves us one step closer to preventing a needless government shutdown and protecting important national priorities."

But time is short for the rival parties in Congress to agree on the spending particulars and pass legislation before a January 19 deadline, when parts of the federal government would run out of funding.