2 Year Budget Agreement

Senate Majority Leader Mitch McConnell, R-Ky., urged Republicans to support the budget and debt deal, saying it was the best compromise his party could achieve in a divided government. J. Scott Applewhite/AP hide caption Speaker Nancy PelosiNancy PelosiGovernors take heat for violating their own coronavirus restrictions Spending deal clears obstacle in shutdown fight Ocasio-Cortez, Cruz trade jabs over COVID-19 relief: People `going hungry as you tweet from` vacation MORE (D-Calif.) and Treasury Secretary Steven MnuchinSteven Terner MnuchinOn The Money: Initial jobless claims rise for 2nd | Dow week is under 30K | Mnuchin fires fire for COVID-19 relief move | Manhattan DA is appealing Manafort`s dismissal accusing Mnuchin of placing 5B in COVID-19 aid funds that exceed the reach of his successor. Biden refers to the Ministry of Finance, the experience of the state MEHR took the lead in negotiations on the agreement. In his proposed budget for 2020, U.S. President Donald Trump outlined plans to freeze federal wages. The president has until August 31 to formally present to Congress his plans to freeze federal wages, otherwise workers will be subject to a wage adjustment based on a legal formula. The recent budget agreement also avoids the threat of automatic reductions in sequestration spending that would have taken place at the beginning of the new fiscal year, under the 2011 Budget Control Act. FURMAN: Well, I like to look at it, like most economists, in terms of the share of the economy.

And so non-defence spending accounts for about 3% of the economy. Defense spending is a little more than that. And that`s actually pretty low in the grand scheme. If you look at certain expenditures, the government, like the cost to veterans, the cost of health care, the cost of education – in fact, they are rising faster than inflation. So this is a budget that is really needed to keep the government pretty much like it has done in recent years. It is not a big expansion of what the government is going to do. The multi-party budget package increases military and non-military spending by $320 billion above budget caps.