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Carolyn Kaster/The Associated PressPresident Barack Obama speaks from White House Sunday about a deal being reached to raise the debt limit.

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Ending a perilous stalemate, President Barack Obama and congressional leaders announced agreement Sunday night on an emergency deal to avoid to avert the nation's first-ever financial default. The arrangement would cut more than $2 trillion from federal spending over a decade.

By By DAVID ESPO July 31, 2011