debt limit

Mnuchin says there is a topline agreement on spending caps and debt limit
Treasury secretary says talks continue on offsets and structure of a deal

Treasury Secretary Steven Mnuchin said Thursday that the White House, Senate and House have an agreement on a two-year debt ceiling increase. (Tom Williams/CQ Roll Call file photo)

Treasury Secretary Steven Mnuchin said Thursday that agreement has been reached on spending levels for fiscal 2020 and fiscal 2021 as well as a two-year extension of the debt limit.

“The good news is we’ve reached an agreement between the administration, the House and the Senate on topline numbers for both year one and year two. We’re now discussing offsets as well as certain structural issues. And we’ve agreed as part of that deal there would be a long-term, two-year debt ceiling increase,” Mnuchin said on CNBC’s “Squawk Box.” “So, I think, all of our first choice is to reach an overall agreement and we’re working hard to do that. But if for whatever reason we don’t get there in time, I am encouraging a debt ceiling increase.”

Pelosi, Mnuchin appear close to spending caps, debt limit deal
Agreement would likely include a two-year extension of the debt limit and spending levels

Pelosi reiterated Tuesday her view that in addition to "parity" for nondefense and defense spending increases, funding should be added for Department of Veterans Affairs health care. (Photo By Bill Clark/CQ Roll Call)

House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin are close to making an announcement about spending caps and the debt limit.

“We have a clear understanding of what we want to agree to, and I think that's progress,” Pelosi said Tuesday afternoon after speaking with Mnuchin, who was preparing to leave Wednesday for the G-7 meeting in France. “We'll have an announcement about something soon, one way or the other.”

Road ahead: Pressure rising for debt limit deal
Lawmakers face deadline on debt even as other priorities come to floor

Speaker Nancy Pelosi, D-Calif., and other congressional leaders and the administration only have a few legislative days to strike a deal  on raising the debt limit. (Bill Clark/CQ Roll Call)

Congress is set to consider several high-profile measures this week, including holding two Cabinet officials in contempt, raising the minimum wage and ratifying tax treaties, but lawmakers will be unable to avoid the contentious issue of raising the federal debt ceiling. 

Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin have been speaking by phone, trying to reach agreement on avoiding a potentially calamitous debt default.

Capitol Ink | White House Selfie

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Congress Set for Horse-Trading Over Must-Pass Bills in September
“Clean” debt limit increase will likely require Democrats’ support

North Carolina Rep. Mark Walker said a clean debt ceiling increase appears unlikely to pass without “more more increased spending and must-pass legislation to attract the necessary votes.” (Bill Clark/CQ Roll Call file photo)

Congress’ September agenda is packed with several must-pass bills that Republicans and Democrats are likely to look to as leverage for extracting concessions on other priorities.

With a short legislative calendar next month — only 12 days when both chambers are scheduled to be in session (the Senate has a few extra days on its timetable) — some measures could be packaged together, creating even more leverage and risk. 

Will GOP Settle for a Clean Debt Limit Win?
No other legislative victories in sight

Treasury Secretary Steve Mnuchin arrives for a Senate Banking Committee hearing in Dirksen Building titled “Domestic and International Policy Update,” on May 18, 2017. (Tom Williams/CQ Roll Call File Photo)

Both repelling and wallowing in a manufactured crisis are surefire ways for the Capitol to put itself in the headlines. That’s why some fresh drama fabrication is getting underway, even before the lawmakers have decided if their response will be crisply responsible or melodramatically craven.

This morality play will be about the federal debt, which is not going anywhere except up in the near term, no matter what anyone in Washington says or does to the contrary.

Debt Ceiling Deadline Falls in Trump’s First 100 Days but Fix May Not
Conservatives prepping deficit reduction plans to pair with any increase

Arizona Rep. David Schweikert is working on deficit reduction proposals that members say could be paired with an increase in the debt ceiling. (Tom Williams/CQ Roll Call file photo)

As Republicans about to have unified control of the government ready their 100-day agenda, one thing is notably missing: a plan for addressing the government’s borrowing authority when the current debt limit suspension expires on March 15.

Congress suspended the debt ceiling as part of a budget deal former Speaker John A. Boehner negotiated before leaving office in the fall of 2015. When the suspension lifts, the cap will need to be raised or suspended again for the United States to avoid default.

Ryan on Border Wall: ‘You Have to Have Physical Barriers’
Speaker says he and Trump are ‘on the same page’ on border security

Speaker Paul D. Ryan says he and Donald Trump are “on the same page” with regard to securing the border. (Bill Clark/CQ Roll Call file photo)

While they may not agree on all aspects of immigration policy, House Speaker Paul D. Ryan said Thursday that he and President-elect Donald Trump are “on the same page” on border security. 

“I’m in favor of securing the border. And I do believe that you have to have physical barriers on the border,” the Wisconsin Republican told Fox News’ Bret Baier, when asked if he supports Trump’s plan to build a wall along the southern border. “I will defer to the experts on the border as to what is the right way to actually secure the border.”

Trump Not the First to Play Politics With National Debt
Obama, Ryan among those to have voted against debt limit increases

Donald Trump's recent comments about possibly renegotiating the national debt have raised eyebrows. (Al Drago/CQ Roll Call File Photo)

Donald Trump is getting heat for saying he might take steps as president that would put the full faith and credit of the United States in jeopardy.  

"People said I want to go and buy debt and default on debt, and I mean, these people are crazy. This is the United States government," Trump clarified Monday on CNN . "You never have to default because you print the money, I hate to tell you, OK?"  

Roberts, McConnell Announce Crop Insurance Fix

Roberts joined GOP leaders on the floor to discuss crop insurance. (Bill Clark/CQ Roll Call File Photo)

Updated 1:57 p.m. | Senate Agriculture Chairman Pat Roberts has assurances from his leadership to reverse crop insurance cutbacks in the budget and debt limit deal that's currently on the Senate floor.  

"This commitment is in reference to the obvious need to remedy the language adversely affected our nation's farmers and ranchers now included in the bipartisan budget act," the Kansas Republican said Thursday.