Congressional Democrats and the White House reached agreement Wednesday on the higher education portion of revamped budget reconciliation legislation, the text of which is available here. The measure would provide $36 billion in new spending on Pell Grants (allowing the maximum grant to reach $5,975 by 2017 and linking increases in the grant to the inflation rate, but only from 2013 to 2017), $2.55 billion for historically black and other minority-serving institutions, and $750 million for college access completion grants. And in a turnaround from a few days ago, when it became clear that the legislation would not finance the community-college focused American Graduation Initiative, the measure would provide $2 billion for a competitive grant program for two-year community college and career training programs, aimed at supporting careers of the future. The legislation would also funnel $9 billion to help pay for the health care provisions in the overall budget legislation, and another $10 billion to reduce the deficit. A fuller report on the legislation will appear on Inside Higher Ed Friday.