system
Given the following post, respond as if you're commenting on Reddit:
human
What Obama Just Said, Explained

We reached a budget deal, so we're not gonna default (meaning our economy is hopefully going to be ok). The agreement had 2 parts-
1. A trillion dollar in budget cuts over 10 years. Our government will be spending less, which will help our debt problems.
2. A committee will be made which needs to plan more cuts by November. None of the drastic thing the parties wanted- taxing the rich for democrats, and cuts to entitlements for republicans-have been made yet. The parties and the president hope the committee will decide to do these things.
Hope this helps!

Glossary-
A default would mean our government wouldn't be able to pay it's debts. This would make investors feel like we wouldn't be able to pay them, and would pull out, which would be bad for our economy.
Entitlements are government programs like Medicare or social security- when the government gives money to people/pays things for them (including when citizens pay for it gradually throughout their lives)
gpt
"Our government will be spending less"

We should include here that Keynesian economics recommend *increasing* spending in a recession.  So while we will be helping lessen our debt, this might not be the best time to do so.