August 1, 2011 / 12:51 AM / in 7 years

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

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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