[Updated at 8:56 p.m.] President Barack Obama announced Sunday an agreement with congressional leaders would extend the federal debt ceiling and reduce deficits. The deal still needs to be approved in votes by the House and the Senate.
Cuts worth $1 trillion over 10 years would be enacted in the plan's first stage. In the second stage, a bipartisan commission would report back by November with suggested additional cuts - and potentially revenue increases - to address the nation's budget deficit.
"At this stage, everything will be on the table," Obama said of this second round of cuts.
Obama said the deal would ensure "that we will not face this kind of crisis in six months, in eight months, or in 12 months."FULL STORY