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Trump, Democrats Agree On Package To Raise Debt Ceiling, Fund Hurricane Harvey Relief

Trump, Democrats Agree On Package To Raise Debt Ceiling, Fund Hurricane Harvey Relief

President Donald Trump agreed to a request from congressional Democrats to raise the debt ceiling and extend government funding through Dec. 15, while also tying it into relief funding for the victims of Hurricane Harvey.

The plan, announced by Senate Democratic leader Chuck Schumer and House Democratic leader Nancy Pelosi, is apparently a short-term compromise Republicans were forced to accept because of deep divides on tying hurricane relief with the debt limit.

"Both sides have every intention of avoiding a default in December and look forward to working together on the many issues before us," the Democratic leaders said in a joint statement.

Related Link: Economist: 'Blissfully Ignorant' Wall Street May See Downturn Due To Real-World Realities

Sets Up Big Battle In December

Republican leadership all advocated for a longer debt limit through 2018. It's not immediately clear whether House Speaker Paul Ryan or Senate Majority Leader Mitch McConnell would sign off on the proposal.

CNBC reported Ryan earlier in the day "called a three-month debt limit extension proposed by Democrats 'ridiculous' and 'unworkable.'"

The House earlier on Wednesday passed an $8 million package of relief for victims of Hurricane Harvey.

Congressional leaders were expected to extend government funding, which expires Sept. 30, until the end of the year. So government funding and the debt ceiling would both have to be dealt with then.


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