President Barack Obama and the Congressional leaders announced late Sunday that they have agreed on a deal that would cut trillions of dollars in government spending as well as increase its debt limit. The leaders would present the terms of their deal on Monday and they hope that it would be enacted before the August 2 deadline. US Congress

Just as the President was announcing the deal from the White House last Sunday night, House Speaker John A. Boehner was talking with House Republicans to convince them to approve the proposal he just signed a few minutes before.

Boehner knows that the conservatives might like the deal but he must win over his fellow Republicans without isolating the Democrats in the House. President Obama stated in the press conference that the agreement would let the federal government prevent default from happening and end the crisis.

Just before President Obama faced the press, Senate Majority Leader Harry Reid and Minority Leader Mitch McConnell took the floor to endorse the agreement. The deal includes $2.5 trillion in spending cuts for the next decade, a new Congressional committee that would recommend a deficit reduction plan by Thanksgiving, and a two-step increase in the debt limit.