The bipartisan congressional leadership and White House reached a two-year budget deal on Monday, seemingly averting another government shutdown and preventing a default on the national debt that has grown to an all-time high under President Donald Trump.
But despite previously backing the 2017 tax cuts for the rich that have helped fuel the largest monthly budget deficits in American history, several self-styled deficit hawks in Congress are now signaling their opposition based on claims of fiscal conservationism.
The deal — which Trump praised on Twitter as “a real compromise in order to give another big victory to our Great Military and Vets!” — will provide more than $1.3 trillion for agency spending for each of the next two years and suspend the nation’s debt limit until after the election. This will prevent the government from defaulting on its debt payments for the first time in history and avert some of the spending cuts agreed to in the 2011 Budget Control Act.
View the complete July 23 article by Josh Israel on the ThinkProgress website here.