Obama Announces Leaders of Both Parties Reach Debt Ceiling Agreement – Video 7/31/11
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(MSNBC) WASHINGTON — President Barack Obama announced on Sunday that Democrats and Republicans leaders have reached an agreement to reduce the U.S. deficit and avoid default.
Obama said the agreement will cut about $1 trillion over 10 years.
The bipartisan plan will be presented to Congress on Monday, Senate Majority Leader Harry Reid said.
“Leaders from both parties and in both chambers will present this agreement to our caucuses tomorrow,” Reid said on the Senate floor.
“To pass this settlement, we’ll need the support of Democrats and Republicans in both the House and Senate. There is no way either party, in either chamber, can do this alone.”
