The White House and congressional leaders have struck a budget deal that would suspend the debt limit until mid-2021, President Donald Trump and Democratic leaders announced Monday.

“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,” Trump tweeted Monday evening, calling the agreement “a real compromise in order to give another big victory to our Great Military and Vets!”

The two-year agreement would suspend the debt limit until July 31, 2021, and put an end to automatic spending cuts that would have kicked in without a deal. (NBC News)