President Obama has announced agreement between party leaders on deal to raise the debt ceiling.

This will allow the United States to continue borrowing to pay its bills, in exchange for trillions of dollars in spending cuts.

The vote is likely to occur on Monday US time.

Nancy Pelosi is reported as saying House Democrats have not decided to support the plan.

From the White House:
Remarks by President Obama on US Debt Deal
US Debt Deal: a Win for the Economy & Budget Discipline

Links:
Live Blog on the Deficit Fight - Washington Wire - WSJ
U.S. Debt Crisis | Liveblog live blogging | Reuters.com

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