The White House and congressional leaders have reached an agreement to raise the federal borrowing limit and avoid a default on the national debt. The plan centers around a $2.4 trillion spending cut over 10 years overseen by a bipartisan committee. If Congress fails to approve the panel’s proposals, a so-called “trigger” mechanism would be enacted to automatically slash federal spending. Unveiling the deal Sunday night, President Obama said the agreement was borne out of a need to compromise.

President Obama: “Now, is this the deal I would have preferred? No. I believe that we could have made the tough choices required — on entitlement reform and tax reform — right now, rather than through a special congressional committee process. But this compromise does make a serious down payment on the deficit reduction we need and gives each party a strong incentive to get a balanced plan done before the end of the year. Most importantly, it will allow us to avoid default and end the crisis that Washington imposed on the rest of America.”