09 Apr '11, 3am

US government shutdown averted

US government shutdown averted

WASHINGTON: A dramatic eleventh-hour deal staved off a damaging US government shutdown Friday, busting a rancorous budget stalemate between President Barack Obama and his newly empowered Republican foes. Party leaders clinched the agreement, including some $38.5 billion dollars of extra spending cuts, after a intense political bargaining, barely an hour before the federal government effectively ran out of money at midnight (0400 GMT, 12pm Singapore time). "Some of the cuts we agreed to will be painful ... and I would not have made these cuts in better circumstances," Obama said at the White House after a long day of negotiating averted a potential political crisis. "But beginning to live within our means is the only way to protect those investments that will help America to compete for new jobs," said the president. House of Representatives Speaker John Boehner told his re...

Full article: http://www.channelnewsasia.com/stories/afp_world/view/112...

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