President Trump took to Twitter on Monday evening to celebrate a new budget deal which was struck between Democratic and Republican leadership in Congress.
In a pair of tweets, Trump said: “I am pleased to announce that a deal has been struck with Senate Majority Leader Mitch McConnell, Senate Minority Leader Chuck Schumer, Speaker of the House Nancy Pelosi, and House Minority Leader Kevin McCarthy.
According to the president, the deal funds the government for two years and extends the debt ceiling—or how much money the federal government can continue to borrow.
The bill also has “no poison pills,” Trump added.
Trump also called the new deal “a real compromise” as he agreed to raise budget caps and suspend the debt ceiling for two years significantly higher than fiscal conservatives wanted, the LA Times reports. In exchange for $738 billion in defense spending, the president also agreed to $632 billion in nondefense spending, a $27 billion increase from the last budget agreement.
Both parties were pleased with the length of the agreement and that they would avoid a potential government shutdown.
….This was a real compromise in order to give another big victory to our Great Military and Vets!
— Donald J. Trump (@realDonaldTrump) July 22, 2019
From the LA Times:
Fiscal conservatives balked at the significant new spending, while Democratic Sen. Patrick J. Leahy of Vermont complained the deal did not do enough to rein in Trump. Leahy he said he would support it nevertheless because it eliminates the caps on spending.
Like any political compromise, there was something for both parties to like. Republicans hailed significantly more spending for defense programs, providing “the resources we need to keep rebuilding our armed forces,” as Senate Majority Leader Mitch McConnell (R-Ky.) said.
The Hill reports Pelosi and Schumer released a joint statement on the agreement in which they applauded their won efforts to secure Democratic priorities in the budget.
“Democrats are also pleased to have secured robust funding for critical domestic priorities in this agreement,” the Democratic leaders said via the Hill. “Democrats have always insisted on parity in increases between defense and non-defense [spending], and we are pleased that our increase in non-defense budget authority exceeds the defense number by $10 billion over the next two years.”
McConnell, in his own statement, added: “While the reality of divided government means this is not exactly the deal Republicans would have written on our own, it is what we need to keep building on that progress.”
Politico notes the agreement seems to contradict a promise Trump made during his presidential election to pay off the federal debt in eight years:
Note: The author of this article has included commentary that expresses an opinion and analysis of the facts.
Candidate Trump bragged that he would pay off the entire federal debt in eight years, but President Trump is governing as if deficits don’t matter.
In fact, Trump is approaching the level of red ink from President Barack Obama’s first term, when Obama racked up trillion-dollar deficits four years in a row. Trump is on pace to do the same, starting with this year’s yawning deficit of more than $1 trillion, according to budget estimates.
But there are huge differences: Trump has a growing economy with historically low unemployment and a soaring stock market, while Obama was battling a brutal downturn in the economy during the worst recession in 80 years, making it much harder to curb federal spending.