Obama text on debt deal with congressional leaders

WASHINGTON (AP) — Text of President Barack Obama's remarks on the debt-ceiling deal with congressional leaders, as provided by the White House:

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Good evening. There are still some very important votes to be taken by members of Congress, but I want to announce that 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.

The first part of this agreement will cut about $1 trillion in spending over the next 10 years — cuts that both parties had agreed to early on in this process. The result would be the lowest level of annual domestic …