U.S. Rep. Fred Upton supports a debt ceiling agreement reached late Sunday between congressional officials and the White House and is encouraging fellow lawmakers to vote for it.

The agreement will allow the government to avoid a default on the national debt, which some lawmakers say would increase interest rates and lead to financial disruptions.

The deal calls for for cutting more than $2 trillion in federal spending over the next 10 years, in exchange for increasing the debt ceiling by at least $2.1 trillion.

“This agreement addresses our nation’s long-term debt with firm spending cuts and caps now and in the future. I expect bipartisan majorities in the House and Senate to vote for this agreement,” Upton said in a statement Sunday.

Upton, R-St. Joseph, believes if the bipartisan agreement isn’t adopted, it would “drive our nation into default for the first time ever, harming families and job creators and causing untold economic damage.”

President Barack Obama expressed relief that an agreement has been reached.

“This process has been messy; it’s taken far too long,” he said Sunday. “Nevertheless, ultimately, the leaders of both parties have found their way toward compromise.”

Obama acknowledged the process isn’t over.

“I want to urge members of both parties to do the right thing and support this deal with your votes,” he said. “It will allow us to avoid default. It will allow us to pay our bills. It will allow us to start reducing our deficit.”

If enacted, the agreement would also form a bipartisan committee that would be responsible for finding an additional $1.5 trillion in deficit reduction.