US President Donald Trump and congressional leaders clinched a sweeping two-year budget deal that would avert a feared government default later this year but add to rising budget deficits.

Mr. Trump tweeted that a deal has been struck with the White House and the top Democratic and Republican leaders in both chambers of Congress on a two-year Budget and Debt Ceiling, with no poison pills that could have derailed the legislation. He said the agreement will boost federal spending and suspend the debt limit until after the next presidential election. 

Under the agreement, the Treasury Department’s borrowing authority would be extended through July 31, 2021. The pact would also set overall spending levels for the next two years on both defense and non-defense programs operated by the federal government.

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