Trump ‘Pleased To Announce’ Two-Year U.S. Budget Agreed

July 22, 2019 (EIRNS)—President Donald Trump said that he was pleased to announce that agreement on a two-year budget and debt-ceiling deal had been reached between the White House and Congressional negotiators led by Speaker Nancy Pelosi. The President called the agreement a victory for the country.

Lawmakers are on a 96-hour countdown to the passage of a Federal budget—for Fiscal Years 2019 (ending in two months) and 2020—looking at the end of the summer session this Friday, July 26. The budget discussions are currently being shepherded by Steve Mnuchin and Nancy Pelosi, with both sides having made concessions, according to coverage of the talks by Bloomberg. Adding to the urgency is that several debt payments are due before Congress is scheduled to return, so the negotiators face the question of extending the Congressional session if an agreement is not reached.

Sticking points have centered on the debt ceiling, to which the Republicans are normally opposed, but are willing to deal this time around since they must have an actual budget, and not simply a continuing resolution (which holds all spending levels constant) in order to get spending increases for defense, for NASA’s space program, and for other priorities.

The current deal would increase federal spending by a total of $320 billion over two years, with the increase evenly split between military and domestic spending. Negotiations have centered on where to make a smaller amount of cuts the two sides have agreed on.