A deal worked out among top congressional leaders and the White House would enable the U.S. government to keep borrowing money but may cost President Barack Obama critical support among liberal Democrats.
The agreement to immediately raise the government’s debt ceiling, and enact already agreed-on spending cuts of about $1-trillion, would avert the financial turmoil that had been feared if Congress failed to raise the $14.3-trillion (U.S.) borrowing limit by Tuesday’s deadline. The threat of a U.S. default has effectively been lifted.
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