August 1, 2011 -- Updated 1540 GMT (2340 HKT)
Washington (CNN) -- Congress is expected to vote Monday on a last-minute agreement to raise the federal government's debt ceiling while imposing sweeping spending cuts, a bipartisan deal that promises to narrowly avert an unprecedented national default with catastrophic economic consequences.
The deal calls for $2.4 trillion in savings over the next decade, raises the debt ceiling through the end of 2012, and establishes a special congressional commission to recommend long-term fiscal reforms.
The measure needs to reach President Barack Obama's desk by Tuesday night. If the current $14.3 trillion debt limit is not increased by that point, Americans could face rapidly rising interest rates, a falling dollar, and shakier financial markets, among other problems.
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