President Trump recently signed the two-year, $2.7 trillion budget agreement that blocks $126 billion in automatic spending cuts (sequestration) and suspends the debt ceiling through July 2021.
The deal does not fund the government in the coming fiscal year so Congress must still pass separate legislation to do that when they return in September. It should, however, make reaching agreement on the 12 annual funding bills a lot easier, reducing the threat of a shutdown.
Lawmakers have a handful of legislative days left to complete this work so another short-term continuing resolution covering a portion of the federal government might be necessary to keep the government running beyond September. Hopefully this will help avoid the devastating circumstances which sequestration has led to in the past.