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Obama announces deal reached to end debt crisis

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

WASHINGTON | Sun Jul 31, 2011 9:20pm EDT

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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Barack Obama
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Comments (24)
xyz2055 wrote:
The republicans are already whining about the cuts to defense spending. These jack wagons have no problem kicking grandma to the curb while the military complex costs around $200B more a year than Medicare.

Jul 31, 2011 9:00pm EDT  --  Report as abuse
tonytwotoes wrote:
Obama votes present and now he wants to take credit for a deal. And a lousy deal at that!

Jul 31, 2011 9:07pm EDT  --  Report as abuse
USMCPatriot wrote:
A deal is not a deal until both houses of congress vote on the specifics, assuming they really know the specifics. We will in the long run regret this slapped together at the last minute deal.

Jul 31, 2011 9:09pm EDT  --  Report as abuse
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