BREAKING: House passes Trump-backed two-year bill to increase debt limit, cement budget gains for Pentagon, domestic agencies.
A hard-won, bipartisan budget and debt compromise between President Donald Trump and Speaker Nancy Pelosi has easily passed the Democratic-controlled House.
The bill would head off another government shutdown, permit the Treasury to borrow freely to pay the government’s bills, and lock in place recent budget gains for the Pentagon and domestic agencies.The legislation would take care of the two biggest items on Washington’s essential agenda. It would suspend the debt limit for two years to avert a first-ever default on U.S.
It would also permit the Treasury to borrow freely to pay the government’s bills, and lock in place recent budget gains for the Pentagon and domestic agencies. The hard-won agreement between the administration and Democratic House Speaker Nancy Pelosi lifts the limit on the government’s $22 trillion debt for two years and sets a $1.37 trillion cap for the agency accounts funded by Congress each year.
It amounts to a cease-fire to allow lawmakers to navigate through a series of tricky fiscal deadlines without politically exhausting battles.
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