Obama announces deal reached to end debt crisis

WASHINGTON Sun Jul 31, 2011 9:20pm EDT

U.S. President Barack Obama delivers remarks on the debt ceiling crisis in the briefing room at the White House in Washington July 31, 2011. REUTERS/Jonathan Ernst

U.S. President Barack Obama delivers remarks on the debt ceiling crisis in the briefing room at the White House in Washington July 31, 2011.

Credit: Reuters/Jonathan Ernst

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WASHINGTON (Reuters) - President Barack Obama announced on Sunday that Democrats and Republicans leaders have reached an agreement to reduce the U.S. deficit and avoid default.

Obama said the agreement will cut about $1 trillion over 10 years..

(Reporting by JoAnne Allen)

(This story corrects the date of Obama's announcement to Sunday)

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