Obama signs historic debt deal to avoid default
August 3rd, 2011 - 3:09 am ICT by IANS
Washington, Aug 3 (IANS) Hours before the midnight deadline, US President Barack Obama signed a compromise plan to raise America’s $14.3 trillion debt ceiling to avoid a catastrophic US default sending shock waves through the world economy.
The US Senate passed the plan, which imposes sweeping new spending cuts over the next decade, shortly after noon Tuesday.
The bill was approved in a 74-26 vote; 60 votes were required for passage.
The measure was approved by the House of Representatives Monday by a 269-161 vote, overcoming opposition from unhappy liberal Democrats and tea party Republicans.
Obama praised the deal moments after the Senate passed it, calling the measure “an important first step for ensuring that as a nation we live within our means.”
(Arun Kumar can be contacted at arun.kumar@ians.in)
- Obama signs deal to avoid catastrophic US default (Lead) - Aug 03, 2011
- US House passes historic debt deal (Lead) - Aug 02, 2011
- US House of Representatives passes debt-limit bill - Aug 02, 2011
- Congress leaders scramble to sell debt deal (Second Lead) - Aug 01, 2011
- Obama cuts a debt deal with Congress (Lead) - Aug 01, 2011
- Deal reached with Republicans on raising debt ceiling: Obama - Aug 01, 2011
- US Senate approves debt deal - Aug 03, 2011
- US debt deal to benefit Indian IT sector: Wipro official - Aug 03, 2011
- Obama touts possible bipartisan pact on debt limit - Jul 20, 2011
- Boehner & Reid working on debt plans - Jul 26, 2011
- Americans face tax hike amid Congressional impasse - Dec 21, 2011
- US avoids default; retains AAA rating for now - Aug 03, 2011
- Obama scores first victory in healthcare reforms push (Second Lead) - Dec 21, 2009
- White House threatens veto as Republican House defies Obama - Dec 14, 2011
- US House passes historic Wall Street reform bill - Jul 01, 2010
Tags: arun kumar, barack obama, catastrophic, compromise plan, debt ceiling, debt deal, democrats, house of representatives, midnight deadline, next decade, opposition, republicans, shock waves, signs, tea party, trillion, us senate, vote, world economy