FILE PHOTO: U.S. President Donald Trump speaks as he formally kicking off his re-election bid with a campaign rally in Orlando, Florida, U.S., June 18, 2019. REUTERS/Carlos Barria/File Photo

WASHINGTON (Reuters) - 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.

“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,” Trump said on Twitter.