(CNSNews.com) - President Donald Trump has come to an agreement with House Speaker Nancy Pelosi (D.-Calif.) and Senate Minority Leader Chuck Schumer (D.-N.Y.) to pass a new budget law that will allow increases in discretionary spending over the next two fiscal years and place no limit on the new debt the federal government can accumulate until July 31, 2021.
Under the agreement, as outlined in a document released by Pelosi, Congressional Republicans and Democrats also agree to put no new policy riders or “poison pills” in the spending bills.
“Congressional leaders and the administration agree that, relative to the FY 2019 regular appropriations Acts, there will be no poison pills, additional new riders, additional CHIMPS, or other changes in policy or conventions that allow for higher spending levels, or any nonappropriations measures unless agreed to on a bipartisan basis by the four leaders with the approval of the President,” says the document posted by Pelosi’s office.
“The President, Congressional leaders and the leadership of the Appropriations Committees shall work together to reach bicameral and bipartisan agreement on the orderly and timely July 22, 2019 4:45 pm consideration of FY 2020 appropriations bills to avoid a government shutdown, and a 12-bill omnibus,” says the outline posted by Pelosi.
“The President, Congressional leaders and the leadership of the Appropriations Committees shall also work together to reach bicameral and bipartisan agreement on the orderly and timely consideration of FY 2021 appropriations bills to avoid a government shutdown, and a 12-bill omnibus,” says the outline.
The deal effectively pushes any future legislative fights over federal spending and debt past next year’s election.
Here is the joint statement that Pelosi and Schumer put out today about the deal:
Pelosi, Schumer Joint Statement on Budget Caps Agreement
JULY 22, 2019
Washington, D.C. – Today, Speaker Nancy Pelosi and Senate Democratic Leader Chuck Schumer released the following statement after the four Congressional leaders and President Trump reached a budget caps agreement:
“Today, a bipartisan agreement has been reached that will enhance our national security and invest in middle class priorities that advance the health, financial security and well-being of the American people.
“Importantly, Democrats have achieved an agreement that permanently ends the threat of the sequester. We are pleased that the Administration has finally agreed to join Democrats in ending these devastating cuts, which have threatened our investments to keep America Number One in the global economy and to ensure our national security. With this agreement, we strive to avoid another government shutdown, which is so harmful to meeting the needs of the American people and honoring the work of our public employees.
“Democrats are also pleased to have secured robust funding for critical domestic priorities in this agreement. Democrats have always insisted on parity in increases between defense and non-defense, and we are pleased that our increase in non-defense budget authority exceeds the defense number by $10 billion over the next two years. It also means Democrats secured an increase of more than $100 billion in funding for domestic priorities since President Trump took office.
“We must never let the full faith and credit of the United States come under threat, and therefore are proud to have achieved a suspension of the debt limit until July 31, 2021. After a long negotiation, we have only agreed upon offsets that were part of an earlier bipartisan agreement.
“The House will now move swiftly to bring the budget caps and debt ceiling agreement legislation to the Floor, so that it can be sent to the President’s desk as soon as possible. With this agreement, we can avoid the damage of sequestration and continue to advance progress for the people.”