Senate leaders will meet with their caucuses Monday morning to present a bipartisan agreement to raise the debt limit and cut spending between $2 trillion and $3 trillion.
Both Senate Majority Leader Harry Reid (D-Nev.) and Republican Leader Mitch McConnell (Ky.) endorsed the deal on the Senate floor.
“The compromise we have agreed to is remarkable not only because of what it does, but because of what it prevents: a first-ever default on the full faith and credit of the United States,” he said.
Reid said he would present it to his Democratic colleagues at 11 a.m. and expressed confidence it would pass Congress. Reid said he would have to meet with his colleagues before giving the final green light.
President Obama took the podium in the White House briefing room a short while later to announce that the leaders from both parties in the Senate and House had accepted the deal.
McConnell praised the agreement on the Senate floor and said the danger of a national default had passed.
“At this point I think I can say with a high degree of confidence that there is now a framework to review that will ensure significant cuts in Washington spending,” McConnell said. “And we can assure the American people tonight that the United States of America will not for the first time in our history default on its obligations.”
McConnell will present the deal to his rank-and-file colleagues at an 11 a.m. meeting in the Senate’s Strom Thurmond Room. He will also reserve his final consent until all Senate Republicans have had a chance to review the details.
"Before any agreement is reached, Republicans will meet to discuss the framework that the White House and the congressional leaders in both parties think would meet our stated efforts to cut spending more than the president's requested debt-ceiling increase, prevent a national default and protect the economy from tax increases," McConnell said.