01 Aug '11, 1am

Obama announces agreement to avoid debt default

Obama announces agreement to avoid debt default

WASHINGTON: US President Barack Obama announced late Sunday that he and top lawmakers had reached an 11th-hour deal to avert a disastrous debt default that would have sown chaos in the world economy. "I want to announce that the leaders of both parties in both chambers have reached an agreement that will reduce the deficit and avoid default, a default that would have had a devastating effect on our economy," Obama said in hastily announced remarks at the White House. In the US Congress, leaders of the Democratic-held Senate and the Republican-led House of Representatives said they would present the framework to their rank-and-file on Monday ahead of final votes to approve the deal. "We're not done yet: I want to urge members of both parties to do the right thing and support this deal with your votes over the next few days," Obama said, with time running short before a midn...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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US President Obama, Republican leaders agree on debt deal to reduce US deficit & avoid default

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