President Donald Trump and U.S. congressional leaders reached a deal on a two-year extension of the debt limit and federal spending caps that would avert a feared government default later this year but add to rising budget deficits. More here:
WASHINGTON - President Donald Trump and U.S. congressional leaders reached a deal on Monday on a two-year extension of the debt limit and federal spending caps that would avert a feared government default later this year but add to rising budget deficits.
Pelosi has been pushing to win passage by this week, before the start of a long summer recess that extends to Sept. 9. Under the deal, spending on those “discretionary” programs would rise to $1.37 trillion in the fiscal year starting Oct. 1, up from $1.32 trillion this year, according to a congressional source.Of the $1.37 trillion next year, military spending would reach a maximum of $738 billion, up from $716 billion this year. Non-defense appropriations would be capped at $632 billion in fiscal 2020, up from $605 billion this year.
FILE PHOTO: U.S. President Donald Trump speaks as he formally kicking off his re-election bid with a campaign rally in Orlando, Florida, U.S., June 18, 2019. REUTERS/Carlos Barria/File Photo If enacted into law, she said in a statement, Trump would have increased discretionary spending by as much as 22 percent over the course of his four-year term “and enshrined trillion-dollar deficits into law.”
A U.S. five dollar note is seen in this illustration photo June 1, 2017. REUTERS/Thomas White/Illustration
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