Debt Ceiling Dealings: President Obama Addresses The Nation, Agreement Reached, Spending To Be Cut By $1 Trillion

Debt Ceiling dealings took to the television at 5:40 p.m. on Sunday when President Barack Obama addressed the nation to say that congressional leaders in both parties had reached an agreement on a deal that would reduce the deficit and avoid U.S. default.

He called the process "messy" and remarked that it's taken "far too long." Obama said spending will be cut by $1 trillion over the next 10 years. Although the president said it was not the deal he wanted -- he felt "tough choices" on entitlement reform and tax reform could have been settled now instead of the through a "special congressional committee process" -- it seems the government will not run out of money on Tuesday, provided Congress passes the bill.