http://news.yahoo.com/obama-congress-reach-debt-deal-003853348.html Obama, Congress reach a debt deal WASHINGTON (AP) â 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.