President Trump Supports Short-Term Debt-Ceiling Extension Package

President Trump
Getty Images

President Trump will support a short-term debt-ceiling extension and funding the federal government for the next three months, CNBC reported.

Speaker of the House Paul Ryan (R., Wis.) has said the three-month debt-limit increase was unworkable, but Democratic leaders such as New York senator Chuck Schumer and California congresswoman Nancy Pelosi supported the measure.

"Republican lawmakers in the room opposed Schumer and Pelosi's push to extend the debt limit and fund the government for only three months, but Trump agreed to it," the article states.

"If Congress can pass a package containing all three measures, it would knock out politically contentious September deadlines to avoid risking default on the federal debt and a government showdown," CNBC said. "But it would set up another showdown in December and puts the GOP in a difficult spot."

Earlier Wednesday, the House approved funding of $8 billion for relief in the wake of Hurricane Harvey. The measure, however, did not include raising the debt ceiling or funding the government.