Senate Democratic Leader Chuck Schumer and President Trump have agreed to work toward a permanent repeal of the debt ceiling, the Washington Post reported on Thursday, one day after the Republican president struck another deal with Democrats.
Citing three people familiar with the decision, the Post said Trump and Schumer, along with House of Representatives Democratic Leader Nancy Pelosi, would work on the plan over the next few months to remove the requirement for Congress to repeatedly raise the debt ceiling, or the limit on federal borrowing.
Any measure would still have to pass both the House and the Senate, both currently controlled by Republicans. House Speaker Paul Ryan said on Thursday he opposes any effort to do away with the role of Congress in approving increases to the federal debt limit.
This story "Schumer Wins Trump’s Backing For Dumping Debt Ceiling" was written by Reuters.