President Donald Trump has given himself a huge victory by cancelling a debt reduction bill passed by Congress.
Trump tweeted Friday afternoon that the $1.5 trillion bill, which had been scheduled to be enacted by the end of the month, would be postponed for 90 days to give lawmakers more time to craft a plan that would keep taxpayers from losing more money.
“The American people are tired of being lectured by a small group of special interests,” Trump said.
“I will not let this happen.
We will not allow this to happen!”
Trump tweeted the measure was being postponed so he could “have more time for my Tax Reform Plan to pass.”
But Senate Republicans had promised that they would vote on the legislation as soon as the debt ceiling was lifted.
Trump said he would have a vote on his tax bill, if Congress would not pass it by the deadline.
The measure, which was originally intended to be introduced by Senate Republicans, passed the Senate with a 51-49 vote on Thursday, just before the end.
The Senate is set to vote on it again next week.
The bill would allow Americans to refinance their loans at a lower interest rate to pay down the interest on their debt.
It also would extend for an additional year the debt-forgiveness program known as the “Buffett rule” that allows the federal government to forgive the debt owed by borrowers with no other income.
It is intended to ease some of the pressure on struggling borrowers who are struggling to make payments on their debts.
“This is not a political victory, but a win for America and for all taxpayers,” said Senate Majority Leader Mitch McConnell, R-Ky., who led the effort to pass the measure.
“We have done our jobs.”
Republicans argued that the debt reduction measure would save $1 trillion over 10 years and would create jobs.
Democrats argued that it would hurt low- and moderate-income Americans.
The president and his aides said they were confident that the bill would pass.
“As I’ve said for a long time, it’s time to put the American people first,” Trump tweeted.
“If we don’t, then we won’t get this done.”
Republicans in the Senate, which has a 60-vote threshold to advance legislation, have been negotiating with Democrats on a bill that would lower the debt limit and reopen the government for the first time since 2010.
They hope to win enough votes to get the measure through the chamber without Democratic support.
The Democrats are likely to support the plan, and the debt deal will likely be the first of its kind to be passed by the Senate in decades.
The House has passed a version of the bill, and McConnell has said he will send it to the Senate for approval.
“Tonight, I will be able to deliver a debt relief bill to the American People,” Trump wrote on Twitter.