Debt Deal Agreed Upon But More Work Awaits

Republican and Democratic leaders in the House and Senate have reached an agreement with President Barack Obama to raise the government's debt ceiling and avoid a default. Obama says more than $2 trillion in spending cuts are included in the deal but will be imposed gradually so they don't create a drag on the economy.
House Speaker John Boehner says the pact he's reached with President Obama and other leaders of Congress on lifting the debt limit and taming the budget "isn't the greatest deal." But Boehner says it lives up to the GOP's principles on taxes and spending. The Ohio Republican says he wants to bring the measure to a vote as soon as possible.
Both the Republican and Democratic leaders of the Senate are throwing their weight behind a debt-limit agreement.
Democratic Majority Leader Harry Reid and Minority Leader Mitch McConnell say they will brief their colleagues Monday on the details of the agreement.
Investors around the world are breathing a sigh of relief on word of an agreement to raise the U.S. government's borrowing limit and avoid a possible American debt default. Japan's
benchmark Nikkei index rose after President Barack Obama's televised announcement. After the deal was announced, Dow futures also rose.