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]