Leaders Report Accord on Debt Limit Increase

John Boehner

9:05 p.m. | Updated Democratic and Republican leaders in Congress announced Sunday night that they have 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 conference call with Republican House members.

In the Senate, Mr. Reid called the deal a “historic bipartisan compromise” and said it is “remarkable” for what it does and for what it prevents: a “first-ever default on the full faith and credit of the United States.”

“Sometimes it seems, our two sides disagree on almost everything,” he said. “But in the end, reasonable people were able to agree on this: The United States could not take the chance of defaulting on our debt.”

“This is an important moment for our country,” Mr. McConnell said, adding later that “I think I can say with a high degree of confidence that there is now a framework to review that will ensure significant cuts in Washington spending. And we can assure the American people tonight that the United States of America will not for the first time in our history default on its obligations.”

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