The leaders of America have announced a deal to raise the debt ceiling, cut spending by $1 trillion in the next 10 years, and avert a government default come August 2.

The deal was struck between President Barack Obama, House Minority Leader John Boehner, and leading Democratic lawmakers.

The first part of the deal involves the $1 trillion in spending cuts. The second part involves a bipartisan committee that will make additional steps to reduce the debt, reported CNN.

The Obama-Boehner deal still needs to be approved by Congress, however.

“We're not done yet. I want to urge members of both parties to do the right thing and support this deal,” said Obama, reported NBC.

"Leaders from both parties and in both chambers will present this agreement to our caucuses tomorrow. To pass this settlement, we'll need the support of Democrats and Republicans in both the House and Senate. There is no way either party, in either chamber, can do this alone," said Senate Majority Leader Harry Reid regarding the deal.

“There is nothing in this framework that violates our principles. It's all spending cuts,” said Boehner, presumably referring to the Republican principle that there be no tax hikes.

Boehner’s comment could be perceived as the beginning of his campaign to rally support for the deal among House Republicans.

If anyone will block this deal on Monday, it will likely be freshman Tea Party House Republicans, who Boehner has struggled to command.

These Representatives are hardliners against government spending and likely prefer more spending cuts than the Obama-Boehner deal promises.

On the Democratic side, progressives could balk against spending cuts on entitlement programs.

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