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Obama announces deal reached to end debt crisis WASHINGTON: US President Barack Obama has said top lawmakers have reached an agreement to reduce the budgetary deficit and avert a debt default, that would have had a devastating effect on American economy. Leaders of both parties, in both chambers, have reached an agreement that will reduce the deficit and avoid default -- a default that would have had a devastating effect on our economy, Obama said in his remarks to the White House press late last night, after the agreement was reached. The first part of this agreement will cut about $ 1 trillion in spending over the next 10 years -- cuts that both parties had agreed to early on in this process. The result would be the lowest level of annual domestic spending since Dwight Eisenhower was President -- but at a level that still allows us to make job-creating investments in things like education and research, he said. The bipartisan agreement would raise the debt limit and cut spending between $2 trillion and $ 3 trillion. We also made sure that these cuts wouldnt happen so abruptly that theyd be a drag on a fragile economy, Obama said, noting that this was the best he could get under the current circumstances. Back |
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