Treasury Secretary Steven Mnuchin and House Speaker Nancy Pelosi reach a two-year budget deal quelling fears of another government shutdown in the coming months.
President Trump tweeted the news late Monday saying an agreement was reached between Trump administration officials and congressional leaders on a two-year spending deal.
The president continued by saying, “This was a real compromise in order to give another big victory to our Great Military and Vets!”
The deal allocates $1.37 trillion for spending in fiscal year 2020 and increases spending limits by over $300 billion.
It will also allow the government to borrow money to pay bills all the way through the next presidential election in 2020.
Although many GOP lawmakers were not ecstatic over the deal, House Minority Leader Kevin McCarthy touted the compromise given partisan divide.
Both House Speaker Pelosi and Senate Minority Leader Chuck Schumer weighed in on the deal saying it “Will enhance our national security and invest in middle class priorities.”
This comes just one day after a report surfaced suggesting both Mnuchin and Pelosi reached a “near-final agreement” on defense and non-defense spending.
The spending deal will need congressional approval before taking effect; the measure will likely face a vote in the upper and lower chamber before the next congressional recess.