Politics

Trump Announces Sweeping Budget Agreement

(Photo by Chip Somodevilla/Getty Images)

Paulina Likos Contributor

President Donald Trump announced in a Monday tweet that a comprehensive budget deal had been reached, securing billions for the Pentagon’s budget and non-defense programs while extending the debt limit to 2021.

Discussions were led by House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin. Trump also mentioned there have been “very good talks with Chuck Schumer and of course with Mitch McConnell and Kevin McCarthy” in an Oval Office briefing with reporters.

“This was a real compromise in order to give another big victory to our Great Military and Vets!” Trump tweeted.

The fiscal agreement includes increasing monetary spending within the next year to $1.37 trillion, which will increase the debt ceiling to at least July 2021. An undetermined pain point is the value of the offset, which was the core of discussions between the parties. It has been reported by those involved in discussions the offset amount could range from $75 to $80 billion. (RELATED: MSNBC Is Super Happy With Trump’s Debt Deal)

Pelosi and Schumer said in a statement this compromise will “enhance our national security and invest in the middle class.”

Mitch McConnell mentioned in a tweet that he is also pleased to have reached a compromise in the two-year funding agreement.