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Obama unfurls 11th-hour deal to avert US default

WASHINGTON ‘ US President Barack Obama announced Sunday that he and top lawmakers had reached an 11th-hour deal to avert a first-ever US debt payment default that would have sown chaos across the world economy. ‘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,’ he said. With time running short before a midnight Tuesday (0400 GMT Wednesday) deadline, Obama warned ‘we’re not done yet’ and urged lawmakers ‘to do the right thing and support this deal with your votes over the next few days.’ Leaders of the Democratic-held Senate and…