Zee Media Bureau
Washington: With just a day away from exhausting its ability to borrow money, the US Senate leaders on Wednesday reached a fiscal deal and avoided a debt default that could have sent the global economy into frenzy.
According to reports, US Senate leaders on Wednesday agreed to raise the debt limit from the existing USD 16.7 trillion cap and reopen federal agencies that have been closed for two weeks.
Senate Majority Leader Harry Reid is reported to have said that a deal had been reached with Republican leaders to end a fiscal impasse that has threatened the United States with default.
With the Republican and Democrat leaders agreeing to reopen the government, the bill also extends the federal borrowing limit of the government until February 7 with a temporary budget till January 15.
With Agency Inputs
First Published: Wednesday, October 16, 2013, 22:09