President Barack Obama spoke to the American people in a televised address Sunday night announcing an agreement to cut federal spending while raising the debt ceiling to avoid a default. Obama said on the White House Twitter feed that "1st part of this agreement would cut about $1 trillion in spending over the next 10 years," and added that the second part "establishes a bipartisan committee of Congress to report back by Nov with a proposal to further reduce the deficit." "I want to urge members of both parties to do the right thing and support this deal with your votes over the next few days," the president also said…

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