The deal is the result of weeks of high-level negotiations led by Speaker John Boehner (R-Ohio) and Minority Leader Nancy Pelosi (D-Calif.). Both released statements praising the deal on Tuesday.
“It will put in place the first real, structural entitlement reform in nearly two decades,” Boehner wrote in a statement Tuesday.
“Of course, there are many more things we wish were included. But this is a good deal, and a big step forward on many of our priorities,” Pelosi added in a separate statement.
Much of the details unveiled Tuesday had already been known in advance, such as a provision that will require wealthy seniors in Medicare to pay more. Older Americans making more than $133,000, for example, would pay 65 percent of premium costs up from 50 percent.
Additionally, post-acute health providers will see smaller increases in their Medicare reimbursements, increasing by no more than 1 percent in fiscal year 2018.