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President Trump Signs 2-Year Budget Deal

On Friday, President Trump signed into law a bill setting the federal spending and debt caps for Fiscal Years (FY) 2020 and 2021. The law caps defense spending at $738 billion and $740 billion for FY20 and 21, respectively, an increase from the current $716 billion. Non-defense spending is capped at $632 billion and $634.5 billion, up from the current $605 billion. This additional spending will total $320 billion over the two years and add $1.7 billion to the deficit.   

The House has already passed several appropriations bills for FY 20, including a bill to fund EPA. The Senate is expected to introduce spending bills in September after their return from recess.