July 31st, 2011
08:56 PM ET

Debt agreement reached, Obama says

[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."

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Filed under: Budget • Economy • Politics
soundoff (69 Responses)
  1. ajd041

    @Utopia thx and don't vote them back into office none are doing their jobs and in a low paying job at a place like target would result in being FIRED and yet these people are still making money for performing this way hard working people shouldn't be unemployed for doing the same thing their HR rep does every day its hypocriticali

    August 1, 2011 at 11:49 pm | Report abuse |
  2. Avser Bastian

    GOVERNMENT "AFTERLIFE" FLASH MOB OR REAL SHOOTING IN UTOYA, NORWAY !!? stateofterror.blogspot.com/ or stateofterror.wordpress.com/ TEARS OF SORROW AND PAIN ON FACES OF MOURNERS OR TEAR GAS AND THEATER/HYPOCRISY ON FACES OF MULTICULTURALISM MANIACS !!? NORWEGIAN OSLO POLICE or COMMUNIST/LIBERAL CRIMINALS IN BLUE UNIFORMS WHO WERE PREPARING FOR TERROR AGAINST NORWAY ALREADY HALF DECADE AHEAD !!? No doubt about bombing in Oslo, but what about shooting in Utoya which was no different from the one in Arizona !!!? WILL THERE BE OBAMINATOR MORALES'S APOCALYPSE NOW OR TOTAL WAR AGAINST NEW WORLD ORDER(multiculturalism) !!? STOLTENBERG = BREIVIK(90 minutes vs 30 and for government vehicles or police even 20 minutes the most) !!!

    DICTATOR OBAMA = STALIN = BUSH or USA = SOVIET UNION http://avsecbostjan.blogspot.com/ or http://avsecbostjan.wordpress.com/

    COMMUNISM(Slowenien/Slovenia) IN CENTRAL & EASTERN EUROPE TODAY(2011) !!! http://sloveniatoday.blogspot.com or http://easterneuropetoday.wordpress.com/

    August 2, 2011 at 3:41 am | Report abuse |
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