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    Obama, Congress reach a debt deal

    WASHINGTON (AP) — Ending a perilous stalemate, President Barack Obama announced agreement Sunday night with Republican congressional leaders on a compromise to avoid the nation's first-ever financial default. The deal would cut more than $2 trillion from federal spending over a decade.

    Default "would have had a devastating effect on our economy," Obama said at the White House, relaying the news to the American people and financial markets around the world. He thanked the leaders of both parties.

    House Speaker John Boehner telephoned Obama at mid-evening to say the agreement had been struck, officials said.

    No votes were expected in either house of Congress until Monday at the earliest, to give rank-and-file lawmakers time to review the package.

    But leaders in both parties were already beginning the work of rounding up votes.

    In a conference call with his rank and file, Boehner said the agreement "isn't the greatest deal in the world, but it shows how much we've changed the terms of the debate in this town."

    Obama underscored that point. He said that, if enacted, the agreement would mean "the lowest level of domestic spending since Dwight Eisenhower was president" more than a half century ago.

    Senate Democratic leader Harry Reid provided the first word of the agreement.

    "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, risking a United States financial collapse and a world-wide depression."

     

    11,391 comments

    • John C  •  9 mths ago
      Most of us often wonder how the greatest empires on Earth eventually fell... well our current politicians are bent on showing us in our lifetime how a GREAT nation falls...
      • 80s era 9 mths ago
        ...thanks to where the liberal democrats have lead us.
      • Eikichi Onizuka 9 mths ago
        If we could only have more leaders like Bush; turned the surplus and 4% unemployment under Clinton into a trillion dollar deficit ( 2 trillion in tax cuts for rich, 2 trilion in war costs, and 1 trillion for his giveaway to big pharma), deregulated the country to the largest stock market crash and financial collapse in history in 2008, and left the middle class with an 11% unemployment going away present.
      • Drew P 9 mths ago
        then lets save ourselves instead of whining about it
    • bull  •  9 mths ago
      there shouldnt be a deal. there should be a solution.
      • anatole 9 mths ago
        there shouldnt be a deal. there should be a solution.

        Couldn't agree more and can't wait for the moment we can THROW THE BUMS OUT EVERY SINGLE ONE OF THEM
      • DX 9 mths ago
        You can't trust congress to keep its word. I vote no!
      • WastelandHero 9 mths ago
        Revolution!!
    • WILLIAM HULL  •  9 mths ago
      I'd like to know what the deal is myself post it online if there not to scared
      • CollectiveMemory 9 mths ago
        We need to fund education.
      • somebody 9 mths ago
        ha ha, CM, that's exactly what I was thinking!
      • GozieBoy 9 mths ago
        William, please don't go posting online after binge drinking.
    • John C  •  9 mths ago
      People when was the last any of you saw this label : "Made in USA"?

      Still wondering where did all the jobs go?
      • CCB0304 9 mths ago
        my son got a cheap, plastic whoopie cushion from Chuck E Cheese today and even that crap said MADE IN CHINA...
      • Hope I can 9 mths ago
        I agree, but I'm not holding my breath on this one. And we know why they left....
      • Kevin 9 mths ago
        All of the jobs stayed here... only thing is that ever since this continent was founded, people migrated from every country on Earth to the U.S to get better land, easier money, and unalienable rights.
    • Laura  •  9 mths ago
      Another perfect drama played down to the last minute. I'll be remembering this second drama when I go to vote. I will vote all that I can out of office. Democrates and Republicans....all...I will vote them out.

      Shame on you for putting the American public through another scare drama .... the second in the last 6 months. I will not forget or forgive.

      Time for REAL CHANGE
      • jon 9 mths ago
        me too
      • me 9 mths ago
        ditto
      • Janet D. 9 mths ago
        Throw out the bums.
    • felton w  •  9 mths ago
      Spoiled childern wont get my vote in the next election.
    • Ryu  •  9 mths ago
      Let me get this straight, in a country where the GDP is over 14 trillion a year, we have to go through all this political #$%$ to shave off 200 million a year? For those that are bad at math, that's only 1.4%. How is this progress?
    • John C  •  9 mths ago
      It's back to business as usual... "Borrow to spend"... God help us!
    • 49devil  •  9 mths ago
      My fellow AMERICANS let me put it to you gently so that no fellings will get hurt in reading my post..... WE ARE ALL FUCKED.. ther now that wasnt so bad now was it
    • pdoff  •  9 mths ago
      Post it online, let we the people read this bill!!!!!!
    • Dani  •  9 mths ago
      So....how will the American people be screwed over this time?
    • Barb Smith  •  9 mths ago
      When election time comes around, I hope I remember how this group acted and vote them out! We need long-sighted Statesmen, not short-sighted polititians in DC.
    • John Kennedy  •  9 mths ago
      My fellow Americans....Ask not what your country can do for you, but ask what you can do for your country....Who said that.....?????
    • Da Norseman  •  9 mths ago
      How to cut spending? Simple! This is one idea that really should be passed around. Congressional Reform Act of 2011 1. No Tenure / No Pension. A Congressman collects a salary while in office and receives no pay when they are out of office. 2. Congress (past, present & future) participates in Social Security. All funds in the Congressional retirement fund move to the Social Security system immediately. All future funds flow into the Social Security system and Congress participates with the American people. It may not be used for any other purpose. 3. Congress can purchase their own retirement plan, just as all Americans do. 4. Congress will no longer vote themselves a pay raise. Congressional pay will rise by the lower of CPI or 3%. 5. Congress loses their current health care system and participates in the same health care system as the American people. 6. Congress must equally abide by all laws they impose on the American people. 7. All contracts with past and present Congressmen are void effective 1/1/12. The American people did not make this contract with Congressmen. Congressmen made all these contracts for themselves. Serving in Congress is an honor, not a career. The Founding Fathers envisioned citizen legislators, so ours should serve their term(s), then go home and back to work.
    • Angela  •  9 mths ago
      It's never good when they won't tell you what they agreed on. Please tell us how badly you are going to hose us.
    • Andrew  •  9 mths ago
      So, essentially these people spent months jerking each other around before doing a job they have just demonstrated could have been done in no more than two days time.

      They have wasted the time and resources of the American people. They have neglected many other critical issues facing this country, issues they are specifically employed by the American people to address, in order to have their hissy little cat fight and do nothing until the last possible minute, making sure the economy remained unstable in the meantime, making sure investors remained skittish in the meantime, threatening to ruin the financial security of the nation... and for what?

      So they can now parade around claiming victory and talking up what a wonderful job they've been doing by not doing the job they should have done months ago. I cannot think of another industry where we would not have long ago fired someone on the spot for the kind of on-the-job behavior these people have been displaying.

      This debt crisis has proven one thing more than any other to me. It's that we need to have 535 recall elections post haste, and we need a law on the books saying if the American people have to recall you from Congress, you aren't allowed to hold public office in this country ever again.
    • Poison  •  9 mths ago
      I can't wait till they 'pass the bill so we can find out what is in the bill.'....Ugh!!!
    • 1nv1s1bl3  •  9 mths ago
      Anyone know where to find a copy of this bill to read?
    • Harry  •  9 mths ago
      Attn: American Citizens. Our corrupt & self-serving Politicians have made another 'Deal'....for themselves. Get ready to warm up your Vasoline.
    • Lewis  •  9 mths ago
      I guess now we need to kiss their rear's and thank them for doing their jobs - WE SHOULD STILL VOTE EACH ONE OF THEM OUT - One By One and if we don't then who are the real jurks in this Country - yep you got it - We The People!!!!!!
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