1/8/11
US President Barack Obama says congressional leaders have reached an agreement on raising the US debt limit and avoiding default. A default would be embarrassing and would have had a devastating effect to the US economy and send shockwaves through the global economy.
2/8/11, 7.30 am
US President Barack Obama says congressional leaders have reached an agreement on raising the US debt limit and avoiding default. A default would be embarrassing and would have had a devastating effect to the US economy and send shockwaves through the global economy.
2/8/11, 7.30 am
The US House of Representatives has passed a last-minute deal to avoid a federal debt default. The package would raise the debt ceiling by up to $2.4tn on top of the current limit set at $14.3tn. It would also projected to save at least $2.1tn in 10 years time. The bill was approved by 269 votes to 161. The legislation must now be passed to Senate, and approved by the President to become law.
3/8/11
President Barack Obama has signed legislation to increase the US debt ceiling avoiding a financial default. The bill cleared by the Senate with 74 votes to 26.
However, based on the performance of stocks, the bill's passage failed to lift financial markets.
3/8/11
However, based on the performance of stocks, the bill's passage failed to lift financial markets.
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