Trump announces budget deal reached with Congress Trump said a deal had been struck on a two-year budget and the debt ceiling.

President Donald J. Trump announced late Monday that he and congressional leaders had reached a deal on a two-year budget and the debt ceiling.

"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 tweeted, calling the deal "a real compromise."

The White House and congressional leaders had for weeks negotiated over raising the limit on federal borrowing and setting budget cap numbers.

In a joint statement, Pelosi and Schumer confirmed the deal, suspending the debt limit until after the next presidential inauguration, July 31, 2021, while claiming Democrats "have achieved an agreement that permanently ends the threat of the sequester."

"We are pleased that the Administration has finally agreed to join Democrats in ending these devastating cuts, which have threatened our investments to keep America Number One in the global economy and to ensure our national security," Pelosi and Schumer stated. "With this agreement, we strive to avoid another government shutdown, which is so harmful to meeting the needs of the American people and honoring the work of our public employees."

With all "four corners" of Capitol Hill pledging their support to the president, the bill is likely to pass.

After insisting on parity in any spending increases for defense and non-defense spending throughout the negotiations, the duo noted that Democrats "secured robust funding" for domestic spending and "are pleased that our increase in non-defense budget authority exceeds the defense number by $10 billion over the next two years."

"It also means Democrats secured an increase of more than $100 billion in funding for domestic priorities since President Trump took office," the Democrat leaders wrote. "After a long negotiation, we have only agreed upon offsets that were part of an earlier bipartisan agreement.

Schumer and Pelosi signaled a vote could occur before the end of the week, when Congress begins its six-week summer recess.

"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," Pelosi and Schumer wrote. "With this agreement, we can avoid the damage of sequestration and continue to advance progress for the people."

In a tweet, McConnell wrote, "I am glad the administration and Speaker Pelosi have reached a two-year funding agreement that secures the resources we need to continue rebuilding our armed forces. The next step is for the House and the Senate to pass this agreement so that President Trump can sign it into law."

House Appropriations Chairwoman Nita Lowey said the agreement would provide "the largest-ever increase in base funding above sequestration levels."

"With the more reasonable budget caps in this agreement, we will be able to undertake an orderly appropriations process and invest For the People -- in priorities like education, health care, infrastructure, the environment, and tackling the climate crisis," Lowey, D-N.Y., stated.