Trump and Democrats agree to three-month debt ceiling deal

President Trump and top Democrats agreed Wednesday to support a three-month deal to raise the federal debt limit.

Punting the issue into December means it will also be injected into a partisan battle over the fiscal year 2018 budget as top GOP lawmakers are predicting the passage of a three-month continuing resolution.

Trump and House Minority Leader Nancy Pelosi (D-CA) and Senate Minority Leader Chuck Schumer (D-NY) announced the deal in separate statements to the press.

According to a White House transcript, Trump told reporters en route to Bismarck, ND, that he "had a very good meeting with Nancy Pelosi and Chuck Schumer."

"We agreed to a three-month extension on [the] debt ceiling, which they consider to be sacred -- very important," he said. "[A]lways we’ll agree on [the] debt ceiling automatically because of the importance of it."

Trump also said the three-month CR would include funding for hurricane assistance.

In a statement, Schumer and Pelosi said "[b]oth sides have every intention of avoiding default in December and look forward to working together on the many issues before us."