Debt deal to prevent default in place

Debt deal to prevent default in place

July 31st, 2011 by Associated Press in Local - Breaking News

WASHINGTON-Both the Republican and Democratic leaders of the Senate are throwing their weight behind a debt-limit agreement sealed with President Barack Obama and top leaders of Congress.

Democratic Majority Leader Harry Reid said that both his party and opposition Republicans gave more ground than they wanted to. He said it'll take members of both political parties to pass the measure.

Minority Leader Mitch McConnell said that the pact "will ensure significant cuts in Washington spending" and he assured the markets that a first-ever default on U.S. obligations won't occur.

Both the leaders said they will brief their colleagues tomorrow on the details of the agreement.