Wednesday, August 3, 2011

US Congress Reluctantly Agrees Budget Deal No One Is Happy With

Omar Karmi

The US yesterday stepped back from the brink of financial disaster as a bitterly contested deal to raise the debt ceiling was passed by the US congress, enabling Barack Obama, the US president, to sign it into law before a midnight deadline.
Senators approved the deal by a comfortable 74-26 margin after the bill had also passed the House of Representatives late on Monday. A few minutes after the Senate vote, Mr Obama appeared before the cameras at the White House.
He said: "It was a long and contentious debate and I want to thank the American people for keeping up the pressure on their elected officials to put partisanship aside and find a compromise."
Mr Obama also took the opportunity to look ahead at the urgent issues facing the American economy and said that creating jobs and economic growth would not just be about cutting spending. Politicians, he said, need to find a "balanced approach" to budget negotiations.

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