U.S. government agrees to tentative debt deal

Sidestepping what many experts said would be financial disaster, the U.S. government has a provisional agreement to avoid default on its debt.

Congressional leaders hammered out the compromise, which has been blessed by President Barack Obama, over the weekend. The deal ends weeks of stalemate where neither side -- one, led by House Speaker John Boehner (R-Ohio) and the other by Senate Majority Leader Harry Reid (D-Nev.) -- would budge from its hard-line stance.

The deal raises the current $14.3 trillion debt ceiling by at least $2.1 trillion and cuts government spending by $2.4 trillion.

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