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Obama says both US parties reach debt ceiling deal
Source: Xinhua |
August 1, 2011, Monday
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Online Edition
Online Edition
US President Barack Obama said today 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 US economy and financial markets, he told a press conference.
Obama urged US lawmakers to approve the debt ceiling compromise plan in next few days.
The US federal government's borrowing limit, currently at US$14.29 trillion, was reached on May 16. The Treasury Department said the it would run out of cash to pay its bills unless Congress agreed to raise the limit by August 2.
A bipartisan plan could help lift the cloud of uncertainty over the US economy and financial markets, he told a press conference.
Obama urged US lawmakers to approve the debt ceiling compromise plan in next few days.
The US federal government's borrowing limit, currently at US$14.29 trillion, was reached on May 16. The Treasury Department said the it would run out of cash to pay its bills unless Congress agreed to raise the limit by August 2.
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