At issue is a plan put forward by Treasury Secretary Steven Mnuchin and White House acting chief of staff Mick Mulvaney last month: fund federal government operations at current spending levels for one year, paired with a one-year increase in the debt ceiling, which limits the federal government’s borrowing capabilities.
The two administration officials proposed that option in case the White House fails to reach a broader budget and debt limit deal with top congressional officials, mainly House Speaker Nancy Pelosi (D-Calif.).
View the complete July 3 article by Seung Min Kim on The Washington Post website here.