Top White House officials and congressional leaders push for a two-year budget deal
By Erica Werner and Erica Werner Congressional reporter focusing on economic policy Email Bio Follow Damian Paletta Damian Paletta Reporter covering economic policy Email Bio Follow May 21 at 3:42 PM Top White House officials and congressional leaders pushed Tuesday for a sweeping two-year budget deal that would suspend the debt ceiling and reduce the possibility of another government shutdown later this year, a potential bipartisan breakthough following months of acrimony and standoffs.
McConnell said the focus was on a two-year agreement, that would run through Sept. 30, 2021. It would also include suspension of the nation’s borrowing limit, which must be raised sometime this fall to avoid a financial calamity. “Trust but verify, we’ll have to wait and see and obviously we need the president to publicly sign off on whatever we agree to,” Schumer said. “But I think they realize, the Republican leadership and the White House that ... when President Trump shut down the government and our Republican friends went along with that, it didn’t serve them very well. So I think that’s what’s pushing them to a serious negotiation.
The debt ceiling must continually be raised because the government spends more money than it brings in through revenue, and it borrows money to cover the difference by issuing debt. Republican congressional leaders including McConnell and Senate Appropriations Chairman Richard C. Shelby have made the case directly to Trump in recent days for lifting the budget caps, noting that failure to do so would result in huge cuts to defense spending.
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