July 22 (UPI) -- President Donald Trump announced Monday that congressional leaders reached a tentative two-year budget deal to avoid automatic spending caps and suspend the debt ceiling.
If passed through Congress, the deal would raise spending caps by $320 billion and suspend the debt ceiling through July 31, 2021.
"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 wrote on Twitter. "This was a real compromise in order to give another big victory to our great military and vets."
Pelosi and Schumer issued a joint statement hailing the bipartisan deal they said will "enhance our national security and invest in middle class priorities that advance health, financial security and well-being of the American people."
They added that the House will "move swiftly" to bring the legislation to the floor and send it to Trump's desk as soon as possible.
McConnell also praised the deal, calling for the House and Senate to pass the legislation.
"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," he wrote on Twitter.