The New York Times
Sunday, July 31, 2011 -- 8:45 PM EDT
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Congressional Leaders Have Agreement Framework Deal on Debt; Will Present Deal to Party Members on Monday
The Democratic and Republican leaders of the Senate announced Sunday night that they had reached a deal to raise the nation's debt ceiling and avert a default.
President Obama spoke moments later at the White House, telling reporters that "the leaders of both parties in both chambers have reached an agreement that will reduce the deficit and avoid a default."
"My message to the world tonight is that this nation and this Congress are moving forward and we are moving forward together," Senator Harry Reid of Nevada said from the floor of the Senate.
Senator Mitch McConnell of Kentucky, the Republican leader, said, "There is now a framework to review that will ensure significant cuts in Washington's spending."
The announcement came even as House Speaker John A. Boehner was holding a conference call with his Republican members.
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