Home » Economy » Interstate – Trump and Congress defuse dispute over state budgee News

Interstate – Trump and Congress defuse dispute over state budgee News

Thursday, September 7th, 2017 | Economy

President Donald Trump and the Congress agreed on an intermediate financing until Wednesday, December 15, as Trump communicated. This would avoid a so-called "government shutdown", in which many federal authorities have to cease operations due to lack of money. The agreement with the Congress also includes the emergency aid for the victims of the cyclone "Harvey". The Republican Trump stood in the agreement on the debt ceiling on the side of the Democrats, who had pleaded for a three-month postponement. On the other hand, Trumps Party Secretary and Treasury Secretary Steve Mnuchin were for a longer term, as a person familiar with the conversation had said.
The President, who has hitherto had a keen relationship with leading conference representatives from both parties, spoke of a cordial and professional interview at the White House. The leading Democrats in the Senate and House of Representatives, Chuck Schumer and Nancy Pelosi, said that both sides had a great interest in preventing a state slump in December. Therefore, they motivated the questions, which were still to be clarified. Many conservatives want to raise the debt ceiling only if savings are agreed at the same time.
In the US, there is a legally fixed limit on how much new debt the government can make to meet its expenditures. The limit is raised at relatively regular intervals, but the Congress must agree. If the ceiling is not increased, the state can not borrow any additional money, fail to meet its liabilities, and can not settle its old debts due. Such a loss of payments would jeopardize the creditworthiness of the world's largest economy, plunge markets into chaos, harm the US economy and potentially trigger a recession.
The House of Representatives approved a $ 8 billion emergency aid on Wednesday to help rebuild Harvey. Now the Senate has to decide. As no delays are expected, the law could be signed by the end of the week. Finance Minister Mnuchin said last week that the cost of reconstruction threatens to reach the debt ceiling earlier than expected. An increase of the limit should therefore take place a few days before the 29th September so far.


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