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President Trump on Monday tweeted his endorsement of a two-year budget deal with Democratic leaders Nancy Pelosi and Chuck Schumer.

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

The big picture: House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin have had multiple conversations over the past few weeks to find common ground, and were anxious to reach a deal before the House departs for August recess at the end of this week.

  • According to a senior Democratic aide, the deal would raise spending caps by $320 billion and suspend the debt ceiling through 2021.
  • It includes a $22 billion increase in military spending for 2020 and a $27 billion in non-defense spending, followed by respective increases of $24.5 billion and $29.5 billion in 2021.
  • The deal also includes an additional $2.5 billion set aside for the Census to ensure that everyone is counted, per the aide.

In a statement, Pelosi and Schumer said the agreement will "enhance our national security and invest in middle class priorities that advance the health, financial security and well-being of the American people."

"We must never let the full faith and credit of the United States come under threat, and therefore are proud to have achieved a suspension of the debt limit until July 31, 2021.  After a long negotiation, we have only agreed upon offsets that were part of an earlier bipartisan agreement.
The House will now move swiftly to bring the budget caps and debt ceiling agreement legislation to the Floor, so that it can be sent to the President’s desk as soon as possible.  With this agreement, we can avoid the damage of sequestration and continue to advance progress for the people.” 

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🚨: China wins 1st gold of Tokyo Olympics

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🎾: Athlete spotlight - Naomi Osaka looks to snag gold on home soil

👻: How the no-spectator Olympics could affect the athletes

🇺🇸: "What an honor it is to watch you soar," first lady tells U.S. Olympians

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Go deeper: Full Axios coverage

1 hour ago - Sports

China wins 1st gold of Tokyo Olympics

Silver medalist Anastasiia Galashina of Russia, gold medalist Yang Qian of China and bronze medalist Nina Christen of Switzerland celebrate on the podium after the 10m air rifle women's final. Photo:

China's Yang Qian won the first gold of the Tokyo Olympics, narrowly beating Anastasiia Galashina of the Russian Olympic Committee in the women's 10-meter air rifle final.

Why it matters: The first medal ceremony of the Games took on extra meaning after a year-long delay and other hurdles brought on by the pandemic. Athletes are required to hang medals around their own necks in an effort to prevent the spread of the coronavirus.

Journalism's two Americas

Illustration: Shoshana Gordon/Axios

There's a sharp divide in American journalism between haves and have-nots. While national journalists covering tech and politics on the coasts reap the benefits of booming businesses and book deals, local media organizations, primarily newspapers, continue to shrink.

Why it matters: The disparate fortunes skew what gets covered, elevating big national political stories at the expense of local, community-focused news.