A variety of groups hailed the news.
"We are optimistic this development will open the door to final approval of USMCA on a bipartisan basis by the end of the year," said Tom Donahue, the CEO of the U.S. Chamber of Commerce.
"This is welcome news and a relief for American farmers," said Angela Hoffman of the group Farmers for Free Trade.
"Farmers and ranchers will be watching closely to ensure that their members of Congress are standing up for American agriculture," Hoffman added.
"The USMCA will create even more jobs for the hardworking families who are the backbone of our economy – the farmers, ranchers, manufacturers, and small business owners," said Vice President Mike Pence in a statement.
Pence's written statement said Democrats had finally "acquiesced" to a vote on the agreement - but the White House had been fully involved in the behind the scenes talks in recent months with Democrats and other outside groups.
The agreement came after months of public criticism of Democrats by the President and GOP lawmakers in Congress - which grew harsher and harsher in recent weeks - even as the White House was working behind the scenes with Speaker Pelosi on ways to tweak the agreement in order to get the support of Democrats and major labor unions.
"There is no question of course that this trade agreement is much better than NAFTA," Pelosi said at a news conference in the same room where she helped to announce impeachment charges against the President - just an hour earlier.
A House vote is expected next week on the USMCA deal - just about the same time that lawmakers will also be voting on a pair of historic impeachment charges against President Trump.