President Trump and Senate Minority Leader Charles Schumer (D-N.Y.) agreed to revisit a plan to do away with future votes to raise the debt ceiling later this year, according to a person familiar with the discussions.

The president proposed the idea of scrapping the debt ceiling altogether during a meeting with GOP and Democratic congressional leaders on Wednesday, with Schumer agreeing that it was a good idea.

The agreement remains informal, the source told The Hill, and the plan could be revisited in December when a proposed short-term debt-ceiling increase would expire.

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“The President encouraged Congressional leaders to find a more permanent solution to the debt ceiling so the vote is not so frequently politicized,” White House press secretary Sarah Huckabee Sanders said.

Because the federal government's spending exceeds its revenue, it must issue debt in order to meet its obligations. In turn, Congress must vote periodically to raise the amount of money the government is allowed to borrow.

House Speaker Paul Ryan Paul Davis RyanKenosha will be a good bellwether in 2020 At indoor rally, Pence says election runs through Wisconsin Juan Williams: Breaking down the debates MORE (R-Wis.) rejected the idea of scrapping the debt limit, saying Thursday that Congress has a constitutional mandate to control the power of the purse.

"I won’t get into a private conversation that we had,” he said at his weekly news conference. “But I think there is a legitimate role for the power of the purse and Article 1 powers, and that’s something we need to defend here in Congress.”

Updated: 3:04 p.m.