Siding with Democrats, Trump agrees to three-month debt-limit rise

Siding with Democrats, Trump agrees to three-month debt-limit rise

An extension of only three months for the debt ceiling could give Democrats leverage over the majority Republicans. He said he will support the measure.

"I'm glad that some Republicans in Congress have voiced their opposition to the President's decision, because we're going to need them to right the ship", Schumer said. He wouldn't say if he was surprised by the deal, but said Trump's "rationale" was the "feeling that we need to come together". "CR" refers to a continuing resolution, which will extend existing government funding levels into mid-December, when the prospect of an enormous new round of deal-making now looms.

Just an hour before the Democrats' announcement, House Speaker Paul Ryan (R-Wis.) slammed the arrangement as "unworkable" and "disgraceful".

The proposal attaches the disaster aid to a government funding bill that would raise the United States debt limit and keep the government running through 15 December, setting up a fiscal showdown at the end of the year that Republicans had hoped to avoid.

Democratic votes are needed to raise the debt limit in order to avoid default, and Senate Democratic Leader Charles Schumer and House Democratic Leader Nancy Pelosi offered Republican lawmakers and Trump their votes at the meeting. The yield on Treasury bills maturing December 14 rose by about eight basis points, to 1.046 percent.

Trump's comments followed a joint statement from Schumer and Pelosi, who said: "Both sides have every intention of avoiding default in December and look forward to working together on the many issues before us". "We essentially came to a deal, and I think the deal will be very good".




This deal is not reflective of anything close to the best-case scenario for Republicans - most particularly the conservative end of the GOP conference. They might not love everything he said or did, but he had been very successful in his deals and in his career.

As a result of losing the White House and control of both houses of Congress, Democrats have begun the process of rebranding or reinventing themselves for the 2018 election cycle.

Republican leaders, according to the source, pushed for an 18-month debt limit hike, then floated six months. That's the goal of a debt limit.

The U.S. dollar got a boost on news of agreement on the debt ceiling, which caps how much money the U.S. government can borrow.

"We'll agree on debt ceiling automatically because of the importance of it", he said aboard Air Force One, before taking off for North Dakota, where he is expected to make the case for tax reform.

Republicans have always been anxious that Trump, who at times was a registered Democrat, would look to cut deals with the opposition party to secure victories - which he has had trouble achieving even with a Republican-led Congress. The bill also would authorize $450 million specifically for direct loans to help small businesses get back on their feet. The House had already overwhelmingly approved a version of the Harvey relief bill with a 419-3 vote Wednesday. Adding the stopgap funding bill to the Harvey aid package would also immediately free about $7 billion in additional disaster funds.

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