|Page (1) of 1 - 07/31/11||email article||print page|
Obama and Republicans seal deal to avert default, raise debt limit
WASHINGTON (AP) ' Racing the clock to avoid a government default, President Barack Obama and Republican congressional leaders reached historic agreement Sunday night on a compromise to permit vital U.S. borrowing by the Treasury in exchange for more than $2 trillion in long-term spending cuts.
Officials said Speaker John Boehner telephoned Obama at mid-evening to say the agreement had been struck.
No votes were expected in either house of Congress until Monday at the earliest, to give rank and file lawmakers to review the package.