White House urges Congress to pass budget compromise reached by leaders

The White House said on Tuesday it urged members of Congress from both parties to pass a budget based on an agreement reached on Monday night by congressional leaders that would lift mandatory sequestration cuts on both defense and domestic spending.

A White House official said the compromise deal would protect Social Security and Medicare beneficiaries from cuts.

"It's a responsible agreement that is paid for in a balanced way by ensuring that hedge funds and private equity firms pay the taxes they owe and by cutting billions in wasteful spending," the White House official said in a statement.