Any such plan could face staunch opposition from the majority congressional Republicans, who would have to approve it. On Thursday, House Speaker Paul Ryan voiced opposition to getting rid of the debt ceiling.
The deal was described as a "gentleman's agreement," the Post reported, citing "three people familiar with the decision." Democrats in the Senate want to reach an "arrangement with Trump" by December, according to the Post.
Speaking to reporters Thursday, Trump did not explicitly say that he and Schumer agreed to push forward on scrapping the debt ceiling. However, he said "certainly that's something we'll discuss" and did talk about at Wednesday's White House meeting with congressional leaders.