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Trump, U.S. Congress leaders reach deal on debt limit

Credit: Reuters - Politics
Published on July 23, 2019 - Duration: 01:17s

Trump, U.S. Congress leaders reach deal on debt limit

President Donald Trump and U.S. congressional leaders said on Monday they reached a deal on a two-year extension of the debt limit and federal spending caps through Sept.

30, 2021.

Jillian Kitchener reports.

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Trump, U.S. Congress leaders reach deal on debt limit

U.S. President Donald Trump and congressional leaders have reached a deal on a two-year extension of the debt limit and federal spending caps.

Trump made the announcement on Twitter… calling it a ‘real compromise.’ It comes amid heightened tension between Trump and Democratic lawmakers — recently, with House Democrats voting to approve a symbolic resolution condemning Trump’s “go back” tweet against four minority congresswomen.

Controversial rhetoric aside -- Senate Minority Leader Chuck Schumer and Speaker of the House Nancy Pelosi promptly issued a statement confirming Monday’s agreement — which allows the Treasury Department's borrowing authority to be extended through July 31, 2021.

The deal would also set overall spending levels for the next two years on both defense and non-defense programs operated by the federal government.

If passed by the Senate and signed into law by Trump — the bipartisan agreement would stop a potential debt default this fall at the end of the current fiscal year.

Last year Democrats objected to border wall funding and the breakdown led to a record-long, partial government shutdown until Trump relented.

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