President Donald Trump said on Monday a two-year deal had been reached with congressional leaders to raise the Treasury Department's borrowing authority and to set budget spending caps. Trump said on Twitter: "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, with no poison pills."
Meanwhile Democratic leaders said in a joint statement that the agreement "will enhance our national security and invest in middle-class priorities." It will set spending limits for the next two fiscal years, and raise the nation's debt limit to allow borrowing, through July 31, 2021.
House Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer said the House will move "swiftly" to bring the package up for a vote. The Senate is expected to follow. They hope to send it to the president "as soon as possible." They say the deal will avert a debt default and another federal government shutdown.
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