8/1/2011

President Barack Obama and congressional leaders say they have struck a compromise on raising the debt limit and reducing government spending. The House and Senate are expected to vote on the agreement today in order to avoid a default on government debt. "The leaders of both parties in both chambers have reached an agreement that will reduce the deficit and avoid default. This compromise does make a serious down payment on the deficit reduction we need. Most importantly, it will allow us to avoid default," Mr. Obama said.

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