Obama just gave a press statement.

Says the leaders of both parties in both chambers have reached an agreement “that will reduce the deficit and avoid default.”

Deal is $1 trillion in spending cuts, but not “so abruptly that a drag on our economy.”

Second part of agreement will have further reductions based on bipartison committee to “further reduce the deficit” and “everything on the table.”  If no agreement made, cuts automatically take place.

Also gave the usual class warfare argument about how he still believes the wealthiest should contribute more.  Also mentioned that not popular with Democrats but need to consider modest adjustments to entitlements.

And in the most important part of the statement, Obama thanked the public for their tweets.

Boehner’s office also released a PowerPoint presentation on the details of the deal (according to Fox News), I’ll post it if I can find it.  Here’s the full PowerPoint.

Here’s the slide on a Balanced Budget Amendment: