UPDATE - Trump Applauds US House, Senate Leaders For Agreeing On 2-Year Budget, Debt Ceiling Deal

UPDATE - Trump Applauds US House, Senate Leaders for Agreeing on 2-Year Budget, Debt Ceiling Deal

WASHINGTON (UrduPoint News / Sputnik - 23rd July, 2019) US President Donald Trump applauded the compromise reached by Republican and Democrat leaders in both houses of Congress on a two year budget agreement and Federal debt ceiling that lacks any poison pills.

"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 Monday in a Twitter message. "This was a real compromise in order to give another big victory to our Great Military and Vets!"

Earlier, congressional leaders announced that a compromise had been reached to increase spending limits.

According to the Wall Street Journal, the deal will increase spending by $320 billion above the limits set in 2011, which is $30 billion less than the Democrats wanted but only half the $150 billion in savings Trump hoped for.

Pelosi and Schumer in a joint statement later on Monday said the House will now move swiftly to bring the budget caps and debt ceiling agreement legislation to the floor in order to send to Trump's desk. The agreement will allow the parties involved to avoid sequestration, the leaders added.

"We must never let the full faith and credit of the United States come under threat, and therefore are proud to have achieved a suspension of the debt limit until July 31, 2021. After a long negotiation, we have only agreed upon offsets that were part of an earlier bipartisan agreement," the Democratic leaders said.