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President Barack Obama speaks from the White House briefing room, Sunday, July 31, 2011, in Washington, about a deal being reached to raise the debt limit.

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It's a deal: Obama, Congress will avert default

Ending a perilous stalemate, President Barack Obama and congressional leaders announced a historic agreement Sunday night on emergency legislation to avert the nation's first-ever financial default. The dramatic resolution lifted a cloud that had threatened the still-fragile economic recovery at home — and it instantly powered a rise in financial markets overseas.

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