President Donald Trump announced Monday evening that Republican and Democrat leaders in Congress had agreed to a budget deal that also raised the debt limit.
“I am pleased to announce that a deal has been struck with Senate Majority Leader Mitch McConnell, Senate Minority Leader Chuck Schumer, Speaker of the House Nancy Pelosi, and House Minority Leader Kevin McCarthy – on a two-year Budget and Debt Ceiling,” Trump wrote on Twitter.
The deal would raise spending by $320 billion, according to reports, and suspend the debt ceiling until July 2021 — well after the 2020 election.
The president said that the deal, reached days before members of Congress leave Washington for their August vacation, had “no poison pills.” The deal also means Democrats will not try to block Trump from transferring federal funding to help build the wall on the Southern border
“This was a real compromise in order to give another big victory to our Great Military and Vets!” he wrote.
The bill still has to pass both houses of Congress this week in order to fund the government before the scheduled August recess before the president can sign it.
Pelosi and Schumer celebrated the agreement in a joint statement on Monday, praising the end of the sequester cuts set when Republicans were in the House of Representatives.
“We are pleased that the Administration has finally agreed to join Democrats in ending these devastating cuts,” they wrote.
In exchange for funding the military, Democrats won over $100 billion in domestic spending priorities.
“The House will now move swiftly to bring the budget caps and debt ceiling agreement legislation to the Floor so that it can be sent to the President’s desk as soon as possible,” the statement read.