Obama says deal reached to end debt impasse

President Barack Obama on Sunday announced a last-minute deal to
raise the U.S. borrowing limit and avoid a catastrophic default and he
urged lawmakers to “do the right thing” and approve the agreement.

Laying out the endgame in the U.S. debt crisis just two
days before a deadline to lift the borrowing limit, the White House and
congressional leaders said the compromise would cut about $2.5 trillion
from the deficit over the next 10 years.

With Republican and Democratic leaders in agreement,
the Senate will likely vote on the proposed agreement on Monday, a
senior congressional aide said. House of Representatives Speaker John
Boehner said he would bring it to a vote in that chamber as soon as
possible.

“There are still some very important votes to be taken by members of Congress,” Obama told reporters at the White House.

“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.”

“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,”
Obama said.

He said the first phase of the two-stage plan called
for about $1 trillion in spending cuts over the next decade. The next
$1.5 trillion in savings must be found by a special congressional
committee by the end of December.

Financial markets showed signs of relief at a deal in
the making to meet Tuesday’s deadline, as U.S. stock futures jumped and
the dollar rebounded on Sunday.

Democratic and Republican leaders planned to try to
sell the deal to their rank-and-file on Monday. Leaders in the Senate
announced agreement on the deal, but support remained especially
uncertain in the House of Representatives.

Democratic Leader Nancy Pelosi, a leading liberal
considered crucial to delivering enough Democratic votes to offset
Republican defections, suggested earlier that the terms under
negotiation would be a tough sell in her party.

A deal would ease the immediate crisis but
repercussions will be felt for years to come. Bitter brinkmanship has
turned dysfunction seemingly into the norm in Washington, undercut
America’s stature as the world’s capitalist superpower and set the stage
for a deeply ideologically 2012 presidential race when President Barack
Obama is seeking re-election.



News
Entertainment
Sports
Lifestyle
National

California passes 'yes-means-yes' campus sexual assault bill

Californian lawmakers passed a law on Thursday requiring universities to adopt "affirmative consent" language in their definitions of consensual sex, part of a nationwide drive to curb sexual assault on…

National

Syrian refugees top 3 million, half of all…

By Stephanie NebehayGENEVA (Reuters) - Three million Syrian refugees will have registered in neighboring countries as of Friday, but many remain trapped by the advance…

International

North Korean leader's money manager defects in Russia:…

A senior North Korean banking official who managed money for leader Kim Jong Un has defected in Russia and was seeking asylum in a third country, a South Korean newspaper…

Local

MAP: New York City Street Closures August 29,…

The Department of Transportation and NYPD said there may be residual delays near all of the street closures on August 29, 31 and 31. Several streets and avenues will be…

Going Out

'Friends' coffeehouse Central Perk coming to NYC —…

"Friends" is coming back for a one-off special: "The One with the Free Coffee." Warner Bros. is bringing a pop-up replica of Central Perk, the…

Movies

Interview: 'As Above, So Below' directors: 5 ways…

The fraternal directors of the found footage horror "As Above, So Below" dish on the best ways to frighten the bejesus out of audiences.

Movies

Criterion's new Jacques Demy box mixes the light…

Jacques Demy, the most effervescent of French New Wave filmmakers, gets a Criterion box all to himself, with classics like "The Umbrellas of Cherbourg."

Entertainment

Comedian Joan Rivers, 81, rushed to New York…

NEW YORK (Reuters) - Acerbic comedian and fashion critic Joan Rivers was rushed to Mount Sinai Hospital in New York on Thursday after she reportedly…

NFL

3 things we learned in the Giants preseason…

The final score didn’t matter — a 16-13 win by the Giants — but it would’ve been nice to finally see Big Blue’s new-look offense get on track.

NFL

NFL Power Rankings: Seahawks, Broncos, Patriots, 49ers start…

NFL Power Rankings: Seahawks, Broncos, Patriots start at top

U.S. Soccer

5 facts about new England captain Wayne Rooney

Manchester United striker Wayne Rooney was named as the new England captain by coach Roy Hodgson on Thursday.

NFL

Jets vs. Eagles: 3 things to watch

A win on Thursday night at the Eagles would give the Jets a 3-1 record and just their second winning preseason under head coach Rex Ryan.

Style

Trend: White hot on the 2014 Emmy's red…

White was one of the big trends on the Emmy's red carpet.

Food

Recipe: Samuel Adams beer-marinated grilled shrimp

Summer calls for two things: a cold beer and light food. Sam Adams' Latitude 48 IPA fairly bursts with citrus notes, making it an ideal marinade…

Wellbeing

4 healthy ingredient swaps to make your meals…

When it comes to eating well, everyone knows they could be doing better. But cooking in an apartment on a busy schedule is a recipe…

Wellbeing

Heart trumps brain when it comes to movies…

When you need a good cry, do you reach for the movie that’s “based on a true story”? Science says you’re giving your brain far…