U.S. President Barack Obama said Sunday night that he has reached a debt ceiling deal with Republican and Democratic leaders to stave off a debt default crisis.

A bipartisan plan could help lift the cloud of uncertainty over the U.S. economy and financial markets, he told a press conference.

Obama urged U.S. lawmakers to approve the debt ceiling compromise plan in next few days.

The U.S. federal government's borrowing limit, currently at 14.29 trillion U.S. dollars, was reached on May 16. The Treasury Department said it would run out of cash to pay its bills unless Congress agreed to raise the limit by Aug. 2.