White House announces two-year budget deal

President Trump has reached a bipartisan compromise with congressional leadership on a two-year budget and debt ceiling deal, the White House announced yesterday. According to the House Budget Committee, the agreement would increase discretionary funding limits for 2020 and 2021 and suspend the debt limit for two years. Without congressional action, statutory caps on discretionary funding will force an 11% cut to defense and 9% cut to nondefense discretionary programs for 2020 relative to 2019. The package is partially offset, including with a two-year extension of mandatory sequestration. House and Senate leaders said they expect a vote on the agreement soon.