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updated: 7/31/2011 7:53 PM

Obama, Congress reach a debt deal

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Associated Press

WASHINGTON -- 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.

Obama announced Sunday evening that leaders of both parties had reached agreement.

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"The leaders of both parties in both chambers have reached an agreement that will reduce the deficit and avoid default," Obama said in remarks at the White House.

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.

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