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Trump Shoves Aside Deficit Worries in Debt Deal With Pelosi

  • More spending, tax cuts set the stage for $1 trillion deficits
  • Next debt ceiling, budget battle pushed to after 2020 election
Bloomberg business news
Trump Says Lawmakers Have Reached Deal on Debt Limit Suspension
Updated on

President Donald Trump has once again shoved aside past Republican orthodoxy on debt and spending as he announced a budget deal with House Speaker Nancy Pelosi that likely ushers in a return to trillion-dollar deficits.

Trump once said he would eliminate the $22 trillion federal debt, but the annual budget deficit is on track to top $1 trillion a year -- swollen by bipartisan spending increases and his tax cuts -- with no real expectation of a change in trajectory any time soon.