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 President Obama and congressional leaders announced a deal to resolve the months-long impasse over the federal debt ceiling, agreeing on a compromise that would aim to slice about $2.4 trillion from federal spending over the next 10 years, “Los Angeles Times”writes.

The final agreement, announced late Sunday, came after Republicans dropped their insistence on raising the $14.3-trillion debt ceiling in two stages and holding another debate at the end of this year. Obama dropped his demand that a deficit-reduction deal include at least some revenue increases — in effect deferring decisions about taxes until after the 2012 election.

"There is nothing in this framework that violates our principles," House Speaker John A. Boehner (R-Ohio) told his members in an evening conference call. "It's all spending cuts."