President Donald Trump and his Democratic challenger, Sen. Bernie Sanders, agreed to a framework Monday that would end the country’s decades-old legacy debt and a cap on carbon emissions, according to a draft agreement released by the White House.
The draft agreement would be the first signed by a sitting president since Franklin Delano Roosevelt, and would not affect any future legislation, according a White House official.
The Trump administration is considering whether to make the agreement public, according with the official, who spoke on condition of anonymity because he was not authorized to discuss the matter publicly.
The framework, which is expected to be finalized next week, calls for a reduction in the nation’s debt by $2.5 trillion over 10 years, according the White Trump administration’s draft budget for fiscal 2018.
It would also require an increase in tax revenues and an increase on capital gains taxes to fund the reduction.
The agreement would include a cap-and-trade program to regulate carbon emissions that would begin next year.
It also would require the president to seek a new budget from Congress by March 15.
Under the framework, the debt would be reduced by $500 billion over the next decade to $2,500 billion.
The plan also would provide $100 billion in additional revenue over 10 months, $50 billion over a year and $25 billion in 2019, 2020 and 2021.
It would also increase a $300 billion investment fund to support low-income families and businesses.
The White House said the agreement would provide a significant economic boost for American workers and consumers.
Trump’s budget plan calls for spending $50 trillion over a decade, a plan the administration acknowledged in a briefing with reporters Monday.
But that figure includes the $100 trillion in investments the administration would have to make in infrastructure and education.
A separate White House budget document released last week proposed an increase of $15 trillion over the same period, according that document.
That figure is the biggest such increase in the White White House’s history, and reflects Trump’s commitment to an additional $5 trillion in infrastructure spending over the coming decade.
Trump signed a sweeping executive order on Jan. 28 that calls for an increase to $1.5tn in infrastructure funding over 10 weeks, the largest such increase the president has authorized in his first year in office.
The blueprint is expected on Monday to include other policy priorities, including reducing the deficit, the federal debt and other priorities.
It will be released in a video presentation on the White Houses website, the official said.