Trump, Schumer agree to pursue plan to repeal the debt ceiling

President Trump and Senate Minority Leader Chuck Schumer have agreed to pursue a deal that would permanently remove the requirement that Congress repeatedly raise the debt ceiling, three people familiar with the decision said.

Trump and Schumer discussed the idea Wednesday during an Oval Office meeting. Schumer, Trump, and House Minority Leader Nancy Pelosi (D.–Calif.) agreed to work together over the next several months to see if they can finalize a plan, which would need to be approved by Congress.

One of the people familiar described it as a "gentlemen's agreement."

Senate Democrats are hopeful they can finalize an arrangement with Trump by December.

"The President encouraged Congressional leaders to find a more permanent solution to the debt ceiling so the vote is not so frequently politicized," said White House press secretary Sarah Huckabee Sanders.

The three people spoke on condition of anonymity because they were not authorized to discuss the contents of the meeting.

Another person familiar with the meeting said Vice President Pence was open to changes he viewed as in line with the so-called "Gephardt Rule"—a parliamentary rule making it easier to tie raising the debt ceiling with Congress passing a budget. The rule is named after Dick Gephardt, the former Missouri Democratic lawmaker who served as House Majority leader.
The U.S. government spends more money than it brings in through taxes and fees, and it covers that gap by issuing debt to borrow money. The government can only borrow money up to a certain limit, known as the debt limit or the debt ceiling. The government routinely