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| Deal agreed to prevent US debt defa |
| Deal agreed to prevent US debt default
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| UNITED STATES OF AMERICA
, 1-August-2011
9:2:43 AM |
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Republicans and Democrats in Congress reached agreement Sunday with President Barack Obama to raise the limit on US borrowing and forestall an unprecedented American default, marking the start in the final chapter of one of the nastiest and divisive episodes in recent American political history.
Tuesday is the deadline to avoid a US default on payments to investors in Treasury bonds, recipients of Social Security pension checks, those relying on military veterans benefits and businesses that do work for the government.
If approved, the compromise would presumably preserve America's sterling credit rating, reassure investors in financial markets across the globe and possibly reverse the losses that spread across Wall Street in recent days as the threat of a default grew.
No votes were expected in either house of Congress until Monday at the earliest, to give rank and file lawmakers a chance to review the package.
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