The President's message on the debt agreement

In a message to supporters, President Obama outlines the agreement he reached with congressional leaders to meet our financial obligations and reduce our debt.

What the Debt Deal Does

Removes economic uncertainty surrounding the debt limit at a critical time and prevents either party from using a failure to meet our obligations for political gain.

Makes a significant down payment to reduce the deficit -- finding savings in defense and domestic spending while protecting critical investments in education and job creation.

Creates a bipartisan commission to find a balanced approach to continue this progress on deficit reduction.

Establishes an incentive for both sides to compromise on historic deficit reduction while protecting Social Security, Medicare beneficiaries, and programs that help low-income families.

Follows through on President Obama's commitment to shared sacrifice by making sure that the middle class, seniors, and those who are most vulnerable do not shoulder the burden of reducing the deficit. As the process moves forward, the President will continue to insist that the wealthiest Americans share the burden.