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President Barack Obama stressed that the agreement has not been completed yet, but he has been able to satisfy the congressional leaders who had been engaged in negotiations.
The talks mean the US debt ceiling will be raised by about $2.4 trillion (£1.45 trillion) on top of its current $14.3 trillion level.
However, the government will need to show how it will bring the its debts down to their original figure over the next decade.
"The leaders of both parties in both chambers have reached an agreement that will reduce the deficit and avoid default - a default that would have had a devastating effect on our economy," said President Obama.
He called on members of both parties to support the deal, saying it will allow the country to improve job creation.
Posted by Greg Secker
