Washington (CNN) President Donald Trump and bipartisan congressional leaders clinched a sweeping two-year budget agreement that would produce hundreds of billions in new spending and take the threat of a fiscal crisis off of Washington's plate for more than two years.
The deal, which came together in a burst of urgency during a period of two weeks amid a steady stream of phone calls Speaker Nancy Pelosi and Treasury Secretary Steve Mnuchin, would eliminate -- for good -- the budget caps put into place in 2011 and suspend the debt ceiling until 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 tweeted shortly after congressional leaders signed off on the final agreement in a Monday evening conference call. "This was a real compromise in order to give another big victory to our Great Military and Vets!"
Advertisement - story continues below