Obama Remarks on U.S. Federal Debt Limit Agreement (Full Text)

The following is a reformatted version of a transcript of remarks by U.S. President Barack Obama on an agreement to raise the federal debt limit, which was issued late yesterday by the White House in Washington.

Good evening. There are still some very important votes to be taken by members of Congress, but 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.