Welcome to Tuesday, July 23rd, solids and liquids...
President Donald Trump took to Twitter on Monday to announce that his administration reached an agreement with Democratic and Republican leadership in Congress to lift the debt limit and raise budget caps for two years.
House Speaker Nancy Pelosi (D-CA) and Senate Minority Leader Chuck Schumer (D-NY) released a joint statement praising the deal as it "permanently ends the threat of the sequester" and "our increase in non-defense budget authority exceeds the defense number by $10 billion over the next two years."
The debt limit will be lifted through July 31, 2021 ― avoiding a potential default in late August or early September before Congress returns from its recess.
Overall discretionary spending caps will rise from their current level of $1.321 trillion to $1.371 trillion in FY2020 and $1.376 trillion in FY2021― avoiding potential cuts of $125 billion at the end of September if sequestration were allowed. Domestic, non-defense discretionary spending will rise from its current level of $605 billion to $632 billion in FY2020 and $635 billion in FY2021.
Read the full details here, then tell your reps if they should support the deal:
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