AP Source: Debt deal to prevent default in place

July 31, 2011 - 8:44 PM

WASHINGTON (AP) — A Democratic official tells The Associated Press that the White House and Republicans in Congress have reached a debt deal to prevent the first government default in U.S. history.

The official said House Speaker John Boehner and President Barack Obama spoke by phone Sunday evening. The official spoke on condition of anonymity because the deal has not yet been announced. Obama was to go on TV at 8:40 p.m. EDT.