End to Debt impasse: Obama says deal reached to end debt impasse

President Barack Obama on Sunday announced a last-minute deal to raise the U.S. borrowing limit and prevent a catastrophic default and he urged officials to "do the right thing" and approve the agreement.

Laying out the endgame in the U.S. debt need just two days before a deadline to lift the borrowing limit, the White House and congressional leaders declared the compromise are able to cut about $2.5 trillion from the deficit over the later 10 years.

With Republican and Democratic leaders in agreement, the Senate is planning to likely vote on the proposed agreement on Monday, a senior congressional service said. House of Representatives Speaker John Boehner said he should bring it to a vote in too chamber as quickly as possible.

"There are still specific very crucial votes to be taken by employees of Congress," Obama imparted upon reporters at the White House.

"But I want to announce that the leaders of both parties in both chambers experience reached an agreement that would reduce the deficit and prevent default -- a default this are able to have had a devastating impacts on our economy."

"I want to drive members of both parties to do the affirmative concern and validation such a arrangement surrounded by your votes over the next few days," Obama said.

He said the the first evolution of the two-stage initiative called for right about $1 trillion in spending cuts for the duration of the later decade. The next $1.5 trillion in savings have got to be found by a special congressional committee by the end of December.

Financial markets showed signs of reprieve at a deal in the making to meet Tuesday's deadline, as U.S. supply futures jumped and the dollar rebounded on Sunday.

Democratic and Republican leaders constructued to try to sell the sell to their rank-and-file on Monday. Leaders in the Senate announced agreement on the deal, but validation remained especially precarious in the House of Representatives.

Democratic Leader Nancy Pelosi, a leading liberal considered crucial to delivering enough Democratic votes to offset Republican defections, contended previously that the terms underneath negotiation should be a tough sell in her party.

A deal will ease the immediate difficulty but repercussions will be felt for decades to come. Bitter brinkmanship has turned dysfunction seemingly into the rule in Washington, undercut America's stature as the world's capitalist superpower and set the stage for a deeply ideologically 2012 presidential race when President Barack Obama is seeking re-election.
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