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President Obama Announces Debt Crisis Agreement Between Leaders Of Both Parties

In what we’ve been led to believe to be the eleventh hour, 59th minute and 59th second before financial meltdown, President Obama announced a compromised deal tonight on a debt crisis resolution that has been agreed upon by party leaders of both chambers. How dire was the debt situation which led to the Sunday night announcement of this apparent resolution? All broadcast networks interrupted prime time programming to air the presidential speech, which you can watch below in its entirety.

“There are still some very important votes to be taken by members of congress” Obama opened before adding “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, the default that would have had a devastating affect on our economy.” Obama then outlined cuts in domestic spending and announced the establishment of a bipartisan committe to report back by November with a proposal on how best to reduce the deficit.

A compromise or kicking the can down the road to November? This will be the topic of conversation on cable news for the weeks and months to come. Watch the president’s comments below, courtesy of Fox News:

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