President Trump and congressional leadership have reached a deal on a new federal budget and lifting the debt ceiling, it was announced Monday night.

“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.

“This was a real compromise in order to give another big victory to our Great Military and Vets!”

The deal is expected to boost the Pentagon’s budget — a victory for Trump and Republicans — while increasing spending for non-defense programs too, which will keep Democrats happy.

Defense spending will see a $22 billion bump in the next fiscal year — up to $738 billion — and increase to $740.5 million by FY 2021.

Non-defense spending will rise $27 billion to $632 billion in FY 2020 and tick up slightly to $634.5 billion the year after.

The debt ceiling will also likely be lifted until at least July 2021 — after the next presidential election — while permanently ending mandatory budget cuts that would have gone into effect in January had lawmakers not acted.

Schumer and Pelosi sent out a joint statement after Trump’s tweets announcing the deal.

“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,” the Democrats said.

They also cheered themselves for having secured “robust funding for critical domestic priorities in this agreement,” adding that, overall, Democrats have secured more than $100 billion in funding for domestic spending since Trump took office.

The House is expected to take up the legislation this week — as members’ August recess begins at week’s end. The Senate is in session for an additional week before heading out on summer vacation.