President Donald Trump and congressional leaders reached a bipartisan deal July 22 on a two-year budget that would suspend the debt limit until mid-2021, according to NBC News.
The deal, which raises spending by nearly $50 billion next fiscal year, must still pass both chambers of Congress and requires President Trump's signature.
President Trump announced the deal, which provides a boost to military spending, on Twitter. He called the agreement "a real compromise in order to give another big victory to our Great Military and Vets!"
In a joint statement, Speaker of the House Nancy Pelosi, D-Calif., and Senate Minority Leader Chuck Schumer, D-N.Y., said the deal "will enhance our national security and invest in middle class priorities that advance the health, financial security and well-being of the American people." They said the House will move quickly to bring the agreement to the floor.
Senate Majority Leader Mitch McConnell, R-Ky., said he intends to have the Senate vote on the deal before the chamber departs for recess in August.
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