July 31, 2011 9:18 PM EDT
President Obama, House Speaker John Boehner, and Democratic lawmakers struck a deal and averted a government default come Aug. 2. The deal will cut $1 trillion in spending over 10 years, announced Obama, reported Reuters.
"Leaders from both parties and in both chambers will present this agreement to our caucuses tomorrow," said Senate Majority Leader Harry Reid.
Boehner, who has been relatively silent on Sunday, was seen as a key hurdle for a compromise deal.
“After speaking to Republican Leader Mitch McConnell this morning, I would say we are both cautiously optimistic we will reach a conclusion soon,” stated Reid.
House Minority Leader Nancy Pelosi supported Reid’s bill, even though she conceded that House Democrats might not agree to a last minute deal.
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Boehner, however, was reportedly holding out to reduce the size of the budget cuts to military spending by about $350 billion over 10 years, reported NationalJournal, citing two aids.
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