Congress set to vote on debt-ceiling deal

Story by CNN

Written by Alan Silverleib and Tom Cohen

Congressional leaders are hoping to vote Monday on a last-minute bipartisan deal to raise the federal government's debt ceiling while imposing sweeping spending cuts and narrowly averting an unprecedented national default.

The agreement calls for up to $2.4 trillion in savings over the next decade, raises the debt ceiling through the end of 2012 and establishes a congressional commission to recommend long-term fiscal reforms.

What's in the deal?

The exact timing of the vote in the House and Senate remains unclear, but the measure needs to reach President Barack Obama's desk by Tuesday. If the $14.3 trillion debt limit is not increased by that point, Americans could face rapidly rising interest rates, a falling dollar and shakier financial markets, among other problems.

"This process has been messy," the President said in announcing the deal shortly before 9 p.m. ET Sunday. "It's taken far too long. I've been concerned about the impact that it has had on business confidence and consumer confidence and the economy as a whole over the last month.

"Nevertheless, ultimately, the leaders of both parties have found their way toward compromise," he said. "And I want to thank them for that."