McConnell, Schumer Announce Bipartisan Budget Deal To Avoid Shutdown

In a deal that will spare the American people the anxiety inducing last-minute political brinksmanship that precipitated last month’s government shutdown, the leaders of Senate Democrats and Republicans have announced a two-year budget deal that will include funding for opioid abuse treatment, badly needed disaster relief and funding for some of President Trump’s infrastructure plan.

The compromise also includes defense spending that is a top priority of conservative Republicans, while raising domestic spending by a commensurate amount.

McConnellSchumer

Notably, the deal would also suspend the US debt ceiling for two years.

To secure the agreement, Republican Senate leader Mitch McConnell reiterated his promise to allow a free-wheeling debate over an immigration compromise next week that he said will be “fair to all sides.”

Meanwhile, Senate Democratic Leader Chuck Schumer said the deal was “good for the American people” – a remark likely made with one eye on the polls ahead of November’s mid-term elections.

The leaders also touted the deal as a bipartisan triumph:

*MCCONNELL: BILL IS SIGNIFICANT BIPARTISAN STEP FORWARD

*MCCONNELL: IMMIGRATION DEBATE WILL BE FAIR TO ALL SIDES

*MCCONNELL SAYS DEAL INCLUDES DISASTER AID, INFRASTRUCTURE

*MCCONNELL SAYS NEGOTIATORS AGREE ON BUDGET DEAL*SENATE LEADERS ANNOUNCE BIPARTISAN TWO-YEAR BUDGET DEAL

*MCCONNELL SAYS DEAL ISN’T PERFECT BUT COMMON GROUND FOUND

*MCCONNELL SAYS DEAL ENDS BUDGET CAPS UNDER SEQUESTRATION

*MCCONNELL: DEAL INCLUDES FUNDING FOR OPIOID ABUSE

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“The compromise we’ve reached will ensure that for the first time in years our armed forces will have more of the resources they need” and ensure funding for disaster relief, infrastructure and work to combat opioid abuse, McConnell said from the Senate floor.

To be sure, the Senate deal doesn’t necessarily guarantee that a shutdown will be averted Thursday at midnight: The deal’s fate in the House is uncertain as Democratic leader Nancy Pelosi has demanded that Speaker Paul Ryan promise to hold a freewheeling debate on immigration.

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Treasury yields shot higher after the deal thanks to spending increases embedded in the plan:

DEBT

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