Chief budget negotiators in the U.S. Congress said Tuesday that they have struck a deal to avoid a government shutdown on Jan. 15.

Senate Budget Committee Chairman Patty Murray and House Budget Committee Chairman Paul Ryan, the top lawmakers on budgetary issues in their respective chambers, announced the deal in a news conference at the Capitol Hill.

The deal, though fell short of a long-sought grand bargain to solve the overarching fiscal issues, would set the spending levels for the federal government over the next two years. It would also turn off part of the automatic spending cuts, known as sequester, over the upcoming two years.