Agreement reached

Who could have seen it coming?

...There won't be a default, because they'll come to some agreement that prevents it. No one wants it, so it won't happen. Much ado about, well, not nothing, but about something that's not going to happen.

- Me, July 15

Tonight:

Senate leaders will meet with their caucuses Monday morning to present a bipartisan agreement to raise the debt limit and cut spending between $2 trillion and $3 trillion.

Both Senate Majority Leader Harry Reid (D-Nev.) and Republican Leader Mitch McConnell (Ky.) endorsed the deal on the Senate floor.

“I am relieved to say that leaders from both parties have come together for the sake of our economy to reach historic, bipartisan compromise that ends this dangerous standoff,” Reid said.

“The compromise we have agreed to is remarkable not only because of what it does, but because of what it prevents: a first-ever default on the full faith and credit of the United States,” he said.

Reid said he would present it to his Democratic colleagues at 11 am and expressed confidence it would pass Congress. Reid said he would have to meet with his colleagues before giving the final green light.

President Obama took the podium in the White House briefing room a short while later to announce that the leaders from both parties in the Senate and House had accepted the deal.