National President Obama Announces Budget Deal to Reduce Deficit, Avoid Default, July 31, 2011 by Gary Kopycinski on August 1, 2011 Gary Kopycinski Author More in National: Rep. Kelly Condemns FDA Approval of Flavored E-Cigarettes May 6, 2026 Wisconsin Legislative Black Caucus Introduces Constitutional Amendment to Ban Slavery in Wisconsin February 24, 2026 Martha Washington’s Enslaved Maid Ona Judge Made a Daring Escape to Freedom – but the National Park Service Has Erased Her Story From Philadelphia Exhibit February 14, 2026 Washington, DC–(ENEWSPF)–July 31, 2011 – 8:40 P.M. EDT President Obama announced that a deal had been reached to raise the national debt limit while reducins government spending and the deficit, avoiding default.