Senate Leaders Embrace Debt Deal

7 years 11 months 2 weeks ago Sunday, July 31 2011 Jul 31, 2011 Sunday, July 31, 2011 6:56:59 PM CDT July 31, 2011 in News
Source: Associated Press
By: Associated Press

WASHINGTON (AP) - Both the Republican and Democratic leaders of the Senate are throwing their weight behind a debt-limit agreement sealed with President Barack Obama and top leaders of Congress.

Democratic Majority Leader Harry Reid said that both his party and opposition Republicans gave more ground than they wanted to. He said it'll take members of both political parties to pass the
measure.

Minority Leader Mitch McConnell said that the pact "will ensure significant cuts in Washington spending" and he assured the markets that a first-ever default on U.S. obligations won't occur. Both the leaders said they will brief their colleagues tomorrow on the details of the agreement.

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