Congressional budget leaders reached a debt deal Tuesday, hoping to avoid billions of dollars in automatic spending cuts while getting the 2014 fiscal year kicked off without political gridlock over how to cut the deficit.

Time Magazine reported that Rep. Paul Ryan, R-Wis., and Sen. Patty Murray, D-Wash., reached the bipartisan deal in the hopes of obtaining full Congressional approval in the coming days.

According to Time, the agreement sets spending levels for two years and removes scheduled automatic cuts in an attempt to avert another government shutdown.

"The deal does little to resolve the much larger partisan divides on government spending, but if enacted, it would still be the most significant budget agreement since Republicans seized control of the House in 2010," Time writes.

HousingWire noted earlier this week that the Minnesota Housing Partnership and the National Association of Housing and Redevelopment Authorities highlighted areas in which the automatic sequestration cuts could hurt low-income people.