Republicans and Democrats agreed to raise the U.S. debt ceiling

WASHINGTON. President of the United States (U.S.), Barack Obama said Republican and Democratic party leaders have reached an agreement to raise the national debt ceiling limit and avoid default and the deficit.
Obama said the deal would cut its spending of U.S. $ 1 trillion within the next ten years. In this deal they also will form a committee in November will be reported spending deficit reduction proposal.
Congress still has not approved the deal. "I would like to announce that the leaders of the two parties have reached an agreement that would reduce the deficit and avoiding a failure, a default can have an impact on the destruction of our economy," Obama said.
Both Democrats and Republicans on Tuesday faced with a deadline to raise the debt ceiling limit of up to U.S. $ 14.3 trillion.
Earlier U.S. Treasury Department warned the government would run out of money to pay the entire bill payment, unless the government's debt ceiling be raised no later than Tuesday.
Canvass
In a debate late last week had appeared a number of proposals and plans. U.S. House Speaker John Boehner for example, proposed U.S. budget deficit will be reduced as much as U.S. $ 917 billion in a span of 10 years, and the national debt ceiling was increased to U.S. $ 900 billion.
But President Barack Obama supports other plans proposed by the Senate Democratic leader, Harry Reid. According to Reid's plan, the U.S. budget deficit will be reduced U.S. $ 2.2 trillion and raised the loan ceiling of U.S. $ 2.7 trillion.
Boehner and Reid plans assessed showed some similarities in several aspects, namely the reduction of spending for 10 years, moving away from tax increases on the wealthy as it is called by President Obama and establish a special committee to devise spending cuts in the future.
But the debate has finally ended after an agreement is reached between the Republican and Democratic leaders. "It's not the greatest deal in the world but it shows how we have changed the terms of debate here," he added.
Obama plans to deliver the deal before Congress on Monday afternoon local time. He asked that those who are Democrats and Republicans support this plan.