Monday, August 1, 2011

People's Daily Urges US To Avoid Debt Default

People's Daily Online

The most important newspaper in China, the People's Daily, has urged politicians in the United States to put aside politics and avoid a debt crisis from developing into another financial disaster for the world.
Racing the clock to avoid a government default, US President Barack Obama and Republican congressional leaders closed in Sunday night on a compromise deal to permit vital U.S. borrowing by the Treasury Department, in exchange for more than $2 trillion in long-term spending cuts.
Republican leaders in the Senate and Congress told reporters that they and the White House are now "really, really close” to an 11-hour deal to avoid the country from a debt default . . . . . . .

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