The Latest: Trump hails deal on budget, debt ceiling

WASHINGTON (AP) — The Latest on the debt and budget agreement between the White House and Congress (all times local):

6 p.m.

President Donald Trump says a deal has been struck with congressional leaders on the budget and debt ceiling, mostly eliminating the threat of a repeat government shutdown this fall.

Trump tweets that the agreement is “a real compromise” and a victory for the nation’s military and veterans.

Aides say the deal would allow the government to continue to pay its bills and build upon recent budget gains for the Pentagon and domestic agencies.

Lawmakers were working to avert a first-ever default on U.S. payments and to set overall spending limits and prevent automatic spending cuts.

Trump says the deal contains no “poison pills.” But it comes as budget deficits are rising to $1 trillion levels.

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3 p.m.

The Trump administration and House Speaker Nancy Pelosi are on the cusp of a critical debt and budget agreement, a deal that would amount to an against-the-odds victory for Washington pragmatists seeking to avoid politically dangerous tumult over fiscal deadlines.

Aides on both sides of the talks say the tentative deal would restore the government’s ability to borrow to pay its bills past next year’s elections and build upon recent large budget gains for both the Pentagon and domestic agencies. It would mostly eliminate the risk of a repeat government shutdown this fall.

The agreement is on a broad outline for $1.37 trillion in agency spending next year and would represent a win for lawmakers eager to return Washington to a more predictable path.