01 Aug '11, 1am

It's a deal: Obama, Congress will avert default - Yahoo! Singapore Finance via @YahooFinance

It's a deal: Obama, Congress will avert default - Yahoo! Singapore Finance via @YahooFinance

Senate Minority Leader Mitch McConnell, R-Ky., is all smiles as he walks to the Senate floor to announce that a deal has been reached on the debt ceiling on Capitol Hill in Washington, Sunday, July 31, 2011.(AP Photo/Harry Hamburg) David Espo, AP Special Correspondent , On Monday 1 August 2011, 10:25 WASHINGTON (AP) -- Ending a perilous stalemate, President Barack Obama and congressional leaders announced historic agreement Sunday night on emergency legislation to avert the nation's first-ever financial default. The dramatic resolution lifted a cloud that had threatened the still-fragile economic recovery at home -- and it instantly powered a rise in financial markets overseas. The agreement would slice at least $2.4 trillion from federal spending over a decade, a steep price for many Democrats, too little for many Republicans. The Treasury's authority to borrow would be e...

Full article: http://sg.finance.yahoo.com/news/Its-a-deal-Obama-Congres...

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

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Companies: Alibaba.com Limited Yahoo! Inc. Related Quotes Symbol Price Change 1688.HK 10.86 -0.10 YHOO 13.10 -0.40 Follow ...

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