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Obama says debt limit deal close

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U.S. President Barack Obama said on Monday an agreement was reached with Republicans to raise the debt ceiling, U.S. media reported.

 U.S. President Barack Obama said on Monday an agreement was reached with Republicans to raise the debt ceiling, U.S. media reported.

The agreement envisages raising the U.S. debt limit by $2.4 trillion in three stages and cutting spending by about $1 trillion in ten years.

"I want to announce that the leaders of both parties in both chambers have reached an agreement that will reduce the deficit and avoid default, a default that would have had a devastating effect on our economy," he said.

The U.S. president said the bill will be approved soon.

If the U.S. Congress does not vote to raise the current debt ceiling of $14.3 billion by Tuesday, the U.S. government is likely to default on its financial obligations and the country's economy may plunge into recession.

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