U.S. President Barack Obama has reached an agreement with congressional leaders on a compromise deal to raise the nation's limit on borrowing and keep the government from an uNPRecedented default.Mr. Obama said Sunday night that the proposed deal cuts about $1 trillion in spending over 10 years and sets up a bipartisan panel in Congress to consider up to $1.5 trillion in further reductions. He said that panel will consider all options, including tax increases and cuts to social welfare programs like Medicare. If the panel fails to reach agreement, then the deal requires automatic spending cuts.
Congress must still approve the compromise, which is expected to pass the Senate which is controlled by Democrats. The deal is expected to face more opposition in the Republican-led House. A vote could come Monday, and congressional leaders from both parties say they expect to have enough votes to approve the deal that would raise the $14.3 trillion limit on U.S. borrowing.