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Published July 31, 2011, 10:23 PM

Deal Reached for National Debt Crisis

Washington, D.C. (WDAY TV) - After weeks of work, a compromise to settle the national debt crisis is reached before Tuesday's deadline.

By: Tahman Bradley , WDAY

After weeks of work, a compromise to settle the national debt crisis is reached before Tuesday's deadline. But there's still a lot of work ahead.

President Obama announced after an intense weekend of negotiating a deal to raise the national debt has been reached.

President Obama: “I want to announce that the leaders of both parties in both chambers have reached agreement that will reduce the deficit and avoid default.”

Now, congress has to vote on the agreement bipartisan leaders spent the evening working to convince their rank and file to go along with the plan.

President Obama: “We're not done yet. I want to urge members of both parties to do the right thing and support this deal with your votes over the next few days.”

Senate majority leader Harry Reid signed on to the deal in the late afternoon after the republican leader in the senate signaled a deal was near.

Mitch McConnell – Minority Leader: “We are very close.”

All sides waited for house speaker John Boehner to back the compromise. He presented to his caucus the plan on an evening conference call and phoned president Obama mid evening to say he was onboard.

The framework includes a debt ceiling increase of up to 2.4 trillion dollars, enough to last through the next presidential election. Agreement on up to 1.2 trillion in spending cuts over 10 years and a special congressional committee to recommend additional deficit reduction of up to 1.5 trillion dollars.

John McCain – Arizona: “Message you send to the world, not just our markets but to the

World that the US is going to default on its debts is a totally unacceptable scenario and beneath our great nation.”

Durbin: “Amen!”

President Obama admitted this is not the deal he would have preferred, but he thanked all parties for coming together to get something done.

No votes are expected until tomorrow at the earliest.

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