Obama Announces Deal to Raise Debt Ceiling

 　　U.S. President Barack Obama has announced an agreement with congressional leaders on a compromise deal to raise the nation's debt ceiling and keep the government from defaulting on its $14.3 trillion debt.

　　Mr. Obama told reporters at the White House Sunday night the proposed deal cuts $1 trillion in spending over 10 years and sets up a bipartisan panel in Congress to look at making substantial additional reductions. He said that panel will consider all options, including tax increases and cuts to social welfare programs like Medicare.

　　Both the House and Senate still must approve the compromise. No votes are expected in either house of Congress until Monday at the earliest, to give rank-and-file lawmakers a chance to review the package. Congressional leaders of both parties think they have the votes to get the compromised approved.

　　The president called the proposed deal a compromise that lets the country avoid default while making a serious down payment on deficit¹ reduction. He said default would have a "devastating² effect" on the U.S. economy.

　　As congressional leaders argued over the debt crisis last week, U.S. stock markets suffered their worst losses of the year and the value of the dollar slumped³.

　　All sides agreed on the need to cut spending and raise the debt ceiling. But they have squabbled for weeks on what to cut and how fast those cuts should be made.

1 deficit   

n.亏空，亏损；赤字，逆差

参考例句：

• The directors have reported a deficit of 2.5 million dollars.董事们报告赤字为250万美元。
• We have a great deficit this year.我们今年有很大亏损。

2 devastating   

adj.毁灭性的，令人震惊的，强有力的

参考例句：

• It is the most devastating storm in 20 years.这是20年来破坏性最大的风暴。
• Affairs do have a devastating effect on marriages.婚外情确实会对婚姻造成毁灭性的影响。

3 slumped   

大幅度下降，暴跌( slump的过去式和过去分词 )； 沉重或突然地落下[倒下]

参考例句：

• Sales have slumped this year. 今年销售量锐减。
• The driver was slumped exhausted over the wheel. 司机伏在方向盘上，疲惫得睡着了。