Trump, Congress Reach Agreement On 2-Year Budget Deal

President Trump announced an agreement on a two-year budget deal and debt-ceiling increase.

The deal would raise the debt ceiling past the 2020 elections and set $1.3 trillion for defense and domestic spending over the next two years.

Congressional sources briefed on the deal said it would suspend the debt limit until July 31, 2021, and include parity in spending increases for defense and domestic programs. It would include about $77 billion in offsets for those spending increases.

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I'm really happy this went as smoothly as it did, to both Trump's and Pelosi's credit. Playing chicken with default is never wise (I wish they'd just take the debt limit out legislatively and keep it in the budget process where it belongs), and this should prevent unnecessary turmoil in the markets.

The only caveat I have is that, if deficit projections play out as expected, it will be right back in play immediately after 2020, just in time for the next (possibly Democratic) president.

I'm not optimistic that it will actually work out that way, but I guess we'll see.

"top Democrats don’t think McConnell will weaponize the debt ceiling against a Democratic president in 2021".

.....

Yay, lets keep spending!

Debt ceiling showdowns are not where budgeting processes belong. They belong in the budget process, which is why I mentioned that the debt ceiling should be eliminated in the OP.

The debt ceiling is a relic from the days when Congress had to approve every individual debt issuance. Breaching the limit in the budget process while failing to raise the limit itself is simply financial default - the national equivalent of taking out loans and then failing to pay them.

The deal that they made does away with sequestration, that didn't need to be there. So yes, "yay, lets keep spending".

A reckoning is coming.

@Master_Live: Won't Democrats hold a majority in both the house and senate if they win the election in 2020?

Soon paying the debt will cost more.

What do you mean by "win the election in 2020"? They could win the WH but fail to gain a majority in the Senate and lose the House. They could lose the WH, gain a majority in the Senate and keep the House. A few possible combinations.

I guess that the most likely scenario is Democrats win the White House, fail to gain a majority in the Senate and keep the House.

Remember that unlike the House, and do to their 6 year terms, only subset of all the Senate seats at on the ballot on any given election.

There was no cut to federal spending.

I'm happy they were able to agree on many things and cooperated.

Hahahahahahahaha!!!!!!!

lol

they never fucking learn

I don't know all the details regarding US elections, hence why I asked. Thanks for answering.

I'll hold my breathe until our elected officials vote on it.

My thoughts exactly......

Reagan took the deficit from 70 billion to 175 billion. 

Bush 41 took it to 300 billion. 

Clinton got it to zero. 

Bush 43 took it from 0 to 1.2 trillion.

Obama halved it to 600 billion. 

Trump’s got it back to a trillion.

Morons: “Democrats cause deficits.”

They just use it as a political weapon. They don't care if they hurt normal people wielding it as long as A) It's not the people they care about and B) It's not on their watch.