US Congress agrees eleventh hour debt deal

clock

The US Congress has passed a bill to reopen the government and raise the federal debt limit, with just hours to spare before the nation risked default.

The Democratic-controlled Senate's bipartisan compromise won approval by 81 votes to 18. The deal was then passed by 285-144 in the House of Representatives, despite much criticism from the Republican rank and file. It came hours before the deadline to raise the $16.7tn (£10.5tn) limit was expected to expire. The bill extended the treasury's borrowing authority until 7 February. It also funds the government to 15 January, reopening closed federal agencies and bringing hundreds of thousands of employees back to work. President Barack Obama (pictured) signed the bill into law e...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Economics / Markets

Why investors 'can't outrun' slow-moving demographics

Why investors 'can't outrun' slow-moving demographics

'Demographic change is a key megatrend'

Darius McDermott
clock 07 March 2024 • 5 min read
Spring Budget 24: Ten key takeaways from Jeremy Hunt's speech

Spring Budget 24: Ten key takeaways from Jeremy Hunt's speech

British ISA, Office for Budget Responsibility, tax cuts

Valeria Martinez
clock 07 March 2024 • 4 min read
Spring Budget 24: Chancellor unveils long-term UK growth plan

Spring Budget 24: Chancellor unveils long-term UK growth plan

Includes British ISA launch and further NI cut

clock 06 March 2024 • 1 min read