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Obama announces debt agreement

Chip Somodevilla / Getty Images

President Barack Obama approaches the podium before speaking on the debt limit impasse from the briefing room of the White House on July 31, in Washington, D.C. Obama indicated that he and Republican members of Congress have reached a compromise to solve the debt limit impasse prior to the August 2 deadline.

Obama said the agreement will cut about $1 trillion over 10 years.

The bipartisan plan will be presented to Congress on Monday, Senate Majority Leader Harry Reid said.

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