JUST IN: In a rare bipartisan agreement, Senate approves two-year budget deal lifting strict caps on spending by hundreds of millions of dollars and raising the debt ceiling.
The Senate approved a two-year budget deal on Thursday that lifts strict caps on spending by hundreds of millions of dollars and raises the nation’s borrowing authority -- known as the debt ceiling -- a rare bipartisan agreement crafted by House Speaker Nancy Pelosi and Treasury Secretary Stephen Mnuchin that kicks the delicate issues past the 2020 election.
“Given the exigencies of a divided government we knew any bipartisan agreement on funding levels would not appear perfect to either side,” McConnell told his colleagues Thursday, adding, “But the administration negotiated a strong deal.” The skyrocketing deficit, made worse by this deal, has many Republicans wary of a backlash as the party departs from a balanced budget orthodoxy strictly adhered to for decades.
“The budget monstrosity, the deal, the abomination,” Paul said, will have “no restraints” on spending, Paul decried, adding, “We should not spend money we don’t have…I will vote against this budget deal.”
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