US President Barak Obama says a deal has been reached with House and Senate leaders to raise the nation's debt ceiling and keeping the government from defaulting on its 14.3 trillion dollar debt. Mr. Obama appeared in the White House briefing room last night to announce the proposed deal. He said, the first part of this agreement will cut about one trillion dollars in spending over the next ten years, cuts that both parties had agreed to early on in the process. Both the House and Senate are expected to meet on Monday. Final approval will raise the debt limit and let the government keep paying its bills.