Obama: A Deal Has Been Reached
"I want to announce that the leaders of both parties in both chambers have reached an agreement that will reduce the deficit and avoid default. A default that would have had a devastating effect on our economy. The first part of this agreement will cut about $1 trillion in spending over the next ten years, cuts that both parties had agreed to early on in this process. The result would be the lowest level of annual domestic spending since Dwight Eisenhower was president."
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