"In the meeting, the president and congressional leadership agreed to pass aid for Harvey, an extension of the debt limit, and a continuing resolution both to December 15, all together", Senate Minority Leader Charles SchumerCharles (Chuck) Ellis SchumerRSC Chairman: Harvey aid could be jeopardized if linked with debt ceiling Dems prep for major fight over Trump USDA science pick Ex-Medicare chief promotes ObamaCare enrollment on Twitter after Trump cuts outreach funding MORE (D-N.Y.) and House Minority Leader Nancy Pelosi (D-Calif.) said in a joint statement.
"We had a very good meeting, we essentially came to a deal and I think the deal will be very good", he said while travelling to North Dakota for an event on tax reform on Wednesday.
Knowing the urgency needed and the difficulty of voting against disaster relief, Republican leadership plans to attach an increase to the debt ceiling when the bill arrives in the Senate, putting conservatives who oppose lifting the borrowing limit without budgetary reforms and guarantees of reduced government spending in a hard place: Vote against disaster relief or turn their back on principled opposition to increased government spending.
Ryan earlier in the day called the idea of adding a three-month extension of the debt ceiling to Harvey aid "ridiculous" after the Democratic leaders proposed it.
While rates on Treasury bills maturing around the previous late-September debt-limit deadline outlined by Treasury Secretary Steven Mnuchin plunged, they surged on securities coming due around mid-December, suggesting Wall Street sees more legislative strife ahead.
Republican leaders had planned to tie a longer-term debt limit increase to funding for Hurricane Harvey victims, in a bid to bring more of their members on board. The aide also said Ivanka Trump dropped into the meeting to "say hello", and Republican leaders were visibly annoyed by her presence.
Sen. Ben Sasse, a Nebraska Republican and consistent Trump critic, issued a one line statement: "The Pelosi-Schumer-Trump deal is bad".
The top Democratic leaders met with Trump in the White House along with GOP Speaker Paul Ryan and Senate Majority Leader Mitch McConnell.
Under the House bill, the Federal Emergency Management Agency would get $7.4 billion to distribute through its Disaster Relief Fund. "I think (three-months is) a reasonable thing to do and then we'll come back and maybe as a large appropriations deal and a larger budget deal then we'll do with the debt ceiling over a longer period of time".
Republican leaders, faced with conservative opposition to raising the debt limit, had hoped to advance a measure that would take the issue off the table until after the 2018 midterm elections. Failure to increase the debt limit could cause the government to miss payments to bondholders and result in a default on government debt.
Ryan on Wednesday said "we will not leave" until the relief package is passed.
Lawmakers are facing pressing legislative priorities.
The legislation now heads to the Senate where lawmakers could then attach the debt ceiling and other provisions.
Meanwhile, congressional Republicans are left fuming. "And they want to play politics with the debt ceiling?"