The House and Senate still have to vote on the measure, which some say helps the nation avoiding going into default.
Lawmakers from both sides of the aisle in Congress have said they have reached an 11th hour agreement with the president that would lift the nation's debt ceiling.
The agreement, according to media outlets, would raise the nation's credit limit — the $14.3 trillion debt ceiling — by $2.4 trillion, likely through 2012.
However, before the agreement will come to fruition, it must be voted on by both legislative chambers.
Shelley Moore Capito, R-W.Va., said while the agreement increases the debt limit, it will fundamentally change the way
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