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Deal reached to end US debt impasse: Obama

08-01-2011 14:38 BJT

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In the latest developments in the US debt drama, President Barack Obama announced a few hours earlier a last minute deal to raise the US borrowing limit and avoid a catastrophic default. He urged lawmakers to "do the right thing" and approve the agreement.

Only two days left to lift the US debt ceiling, growing momentum toward a compromise is raising hopes that a weeks-long partisan battle over cutting the U.S. deficit is nearing its endgame. US president Barack Obama announced on Sunday a last-minute deal to raise the U.S. borrowing limit.

US president Barack Obama announced on Sunday a last-minute deal to raise the U.S. borrowing limit.

Obama said, "There are still some very important votes to be taken by members of Congress, but I want to announce that the leaders of both parties, in both chambers, have reached an agreement that will reduce the deficit and avoid default -- a default that would have had a devastating effect on our economy."

Even though many believe the deal to raise the federal debt ceiling is "very close", some support still remains uncertain, especially in the House of Representatives. Democratic Leader Nancy Pelosi said Democrats in the House of Representatives might decide not to support a last-minute deal when they meet on Monday - suggesting that the terms under negotiation would be a tough sell in her party.

House Minority leader Nancy Pelosi (D-CA) speaks to the media on
Capitol Hill in Washington July 28, 2011. REUTERS/Joshua Roberts

Nancy Pelosi said, "This bill has a long future, nine years, ten years, whatever it turns out to be, has ramifications even beyond that decade. So, we'll all have to take a look and we all might not be able to support it, or none of us might be able to support it, but we'll wait and see and we're open to what comes down because again, the stakes are very high here."

The U.S. Senate will likely vote on Monday on a proposed, bipartisan deal, a senior congressional aide said. The aide said the measures could be brought up for consideration after separate closed-door briefings on it for Senate Democrats and Republicans.

Senate Majority Leader Reid walked from a meeting with Senate Minority Leader McConnell on Sunday.

 

 

Legal procedures make debt deal hard to meet deadline

Any deal reached by Republicans and Democrats must go through a series of legal procedures. So it looks as though the August 2nd deadline will be breached... full story>>

 

 

Dems & reps close to a deal over debt

Following weeks of conflict in Congress, Republicans and Democrats are discussing a pact that would raise the government's borrowing authority and cut federal spending... full story>>

 

 

 

Analysis of US debt bill:

Crossover: US debt ceiling agreement

Kate Moody in Washington briefed us on how the spending cuts would be made...
full story>>

Live cross: Details on newly-reached US debt deal

Q1: How do they reach the deal after so many twists and turns... full story>>

 

Studio interview: Economic impact of US debt

Q1: Democrats and Republicans have finally struck a deal on raising the US debt limit. How will this agreement help the US economic recovery... full story>>

 

 

Editor:Li Wanran |Source: CNTV.CN

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