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Obama announces deal reached to end debt crisis

Monday, August 01, 2011 - 02:03

July 31 - Obama announces that Democrats and Republicans leaders have reached an agreement to reduce the U.S. deficit and avoid default. Rough Cut (no reporter narration).

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ROUGH CUT (NO REPORTER NARRATION) U.S. President Barack Obama announced on Sunday (July 31) that Democrats and Republicans leaders have reached an agreement to reduce the U.S. deficit and avoid default. Obama said the agreement will cut about $1 trillion in spending over 10 years. The President urged Republicans and Democrats to "do the right thing" and vote to support the compromise proposal to raise the U.S. debt ceiling. Obama said the spending cuts included in the deal to raise the debt ceiling will not happen so quickly that they will drag on the fragile U.S. economy.

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Obama announces deal reached to end debt crisis

Monday, August 01, 2011 - 02:03