On Wednesday, the U.S. Senate negotiators hurried to create a two-year budget plan that would lessen Washington’s spending tactics, as President Donald Trump supports a government shutdown if his demands regarding immigration are not met.
Senate Republican Majority Leader Mitch McConnell and Senate Democratic leader Chuck Schumer stated progress was being made towards an agreement to fund the government following Tuesday’s passage of the U.S. House of Representatives own budget bill.
The Senate was anticipated to begin the House legislation as Congress rushed to provide Trump a finished bill sign into law pior to Thursday, when government funding runs out.
On Tuesday, Schumer stated that the Senate deal would increase funding for domestic programs sought after by Democrats, such as drug treatment and broadband infrastructure, and increased military spending sought by Republicans.
“We’re making progress,” Senator Dick Durbin, said in an interview on Wednesday.
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The Senate’s version of the budget would then proceed to the House for further action. The House measure increases funding until March 23, while the Senate’s more comprehensive deal would provide funding to the government for two years.
On Wednesday, Trump threatened to overturn budget talks by asserting that any spending package include changes to immigration laws. The White House later said it did not anticipate that specifics regarding immigration would be in the budget bill. This issue disrupted budget talks last month leading to a three-day government shutdown.
On Wednesday morning Wall Street was uneasy over another political dispute regarding the debt ceiling. Congress must raise the federal debt ceiling or face defaulting on the government’s bills. The U.S. Treasury is projected to run out of borrowing options by the end of March.
Republican U.S. Representative Mark Meadows said his group would fight a Senate deal with excessive spending but acknowledged that a bipartisan deal could still pass.
“I‘m afraid the numbers will get so high and that the debt ceiling will get added and it will be a Christmas deal of spending,” he told MSNBC. “A lot of votes would be bought.”