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Obama unfurls 11th-hour deal to avert US default

"This process has been messy; it's taken far too long" -Obama:

US: President Barack Obama on Sunday announced an 11th-hour deal with Congress to avert an unprecedented default on US debt payments, which would have sown chaos across the global economy.

With just two days left before the United States would run short of cash, Obama and his Republican foes said after round-the-clock negotiations that they had reached a framework for more than $2.4 trillion in spending cuts.

"I want to announce that the leaders of both parties in both chambers have reached an agreement that will reduce the deficit and avoid default, a default that would have had a devastating effect on our economy," Obama said.

"This process has been messy; it's taken far too long," Obama told a hastily convened evening press conference.

"Nevertheless, ultimately, the leaders of both parties have found their way toward compromise."

But the package still needs approval from Congress, which could vote as early as Monday.

AFP

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