UPDATE: Obama, Republican leaders in Congress reach debt deal

Sunday, July 31, 2011 | 7:48 p.m. CDT; updated 8:17 p.m. CDT, Sunday, July 31, 2011

WASHINGTON — Ending a perilous stalemate, President Barack Obama announced agreement Sunday night with Republican congressional leaders on a compromise to avoid the nation's first-ever financial default. The deal would cut more than $2 trillion from federal spending over a decade.