McConnell: No new debt ceiling vote until "well into 2018"

The deal dubbed the disaster-and-debt deal was an agreement between Trump and Minority Leader Nancy Pelosi and Senate Minority Leader Chuck Schumer

Trump, with the stroke of his presidential pen, increased the statutory debt last Friday by approximately $318 billion, according to the Treasury Department.

The outstanding public debt is $20,162,176,797,904.13 as of September 8, up almost $200 billion since December 30, 2016.

The debt had remained at its mandated level since March.

McConnell explained that he pushed for retaining the Treasury Department's ability to use "extraordinary measures" to avoid a more immediate need to raise the debt ceiling. Now, the Treasury is able to borrow freely until December 8, at which time the outstanding debt amount will become the new debt ceiling. Since Mr. Trump's inauguration, the debt has increased about $215 billion from around $19.94 trillion.

Previously, Trump has voiced opposition to raising the debt ceiling - at least under the Obama administration.

"As far as the debt ceiling is concerned, as many of you now know, we'll not be revisiting the debt ceiling until sometime next year. Everything is so predictable with our country", he told Fox News anchor Chris Wallace in October 2015.

Democrats said the agreement, which secured a three-month debt limit hike and government-funding deal, along with legislation to help communities hit by Hurricane Harvey, was a victory, because Republicans had wanted an 18-month debt limit extension to push it until after the 2018 midterm elections. And that's exactly what he did. The 2017 fiscal year budget ends September 30, and is slated to add another $700 billion deficit to the over $20 trillion in outstanding debt.

Research from Moody's Credit Outlook noted that while cooperation in Congress has become rare, the deal only provides for a brief resumption of standard government operations. It also showed which Republicans are willing to step up to Trump and oppose him.

In a speech last month in Springfield, Missouri, President DonaldTrump urged congressional Republicans and Democrats to pass a tax reform plan that he said would boost wages and increase the money that flows into workers' pockets.

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