White House and Congressional negotiators reach a bipartisan federal spending bill agreement Monday
White House and congressional negotiators reached a bipartisan federal spending bill agreement Monday that will raise spending caps and lift the government’s debt ceiling and borrowing limits, The New York Times and the Wall Street Journal reports. The bill, if signed into law, is expected to “stop a potential debt default this fall and avoid automatic spending cuts next year” (New York Times, 2019). ~
In a joint statement on Monday, Mrs. Pelosi and Senate Democratic Minority Leader Chuck Schumer stated that the bill would increase spending by $320 billion, with spending on domestic and military programs increasing an equal amount. The bill also included a $75 billion offset in spending cuts, which is much lower than the $150 billion in cuts that were originally demanded by White House officials, and would lift the debt ceiling high enough to allow government borrowing for two more years. They also stated that they are hoping to get the bill passed by congress and signed into law by the end of the week before the House leaves for its August recess. According to the Wall Street Journal, House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin negotiated the spending bill agreement for weeks after Mnuchin had warned that the government could exceed its borrowing limit “as soon as early September, before lawmakers return from recess.” ~
According to the New York Times, many republicans are concerned about the extent of the spending bill. David M. McIntosh, president of the Club for Growth, a conservative group for free-enterprise, said Monday in response to the agreement that “It’s pretty clear that both houses of Congress and both parties have become big spenders, and Congress is no longer concerned about the extent of the budget deficits or the debt they add.” President Trump, however, showed support for the deal, citing on Twitter late Monday the names of the four congressional leaders and stating “This was a real compromise in order to give another big victory to our Great Military and Vets!” ~
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