President Barack Obama said Sunday night that he and Congressional leaders had reached a debt deal that cuts trillions in federal spending. The debt ceiling plan was set to face a vote on Monday in hopes of enacting it before a Tuesday deadline, thus averting default, The New York Times reported.

In a news conference on Sunday, Obama said the compromise "ensures also that we will not face this same kind of crisis again in six months, or eight months, or 12 months ... And it will begin to lift the cloud of debt and the cloud of uncertainty that hangs over our economy."

The proposal calls for $2.4 trillion in spending cuts over the next 10 years.

If the deal is approved, a special joint committee would be formed to explore deficit reduction.

Watch Obama's Sunday night comments on the plan in the video below.

[The New York Times]