President Barack Obama and Speaker of the House John Boehner have struck a last minute deal to avoid catastrophic U.S. default.
The deal was reached just in time as the August 2nd deadline approached.
STORY: DEUCES!! John Boehner’s Debt Plan Goes Bye-Bye (PHOTO)
As Reported By The Associated Press:
Congress is moving quickly on an agreement to avert a potentially devastating default on U.S. obligations, with legislation that mixes a record increase in the government’s borrowing cap with the promise of more than $2 trillion in spending cuts.
After a tense weekend of bargaining, President Barack Obama and congressional leaders announced the agreement Sunday night, providing an instant boost to Asian financial markets and a huge dose of relief to an administration and Congress frazzled by months of partisan warfare and the chance that a default could send the still-fragile economy into recession.
SOURCE: AP
