Senate approves and Obama signs the deal to raise the debt ceiling

08/3/2011 | Reuters · Wall Street Journal, The

President Barack Obama signed the compromise agreement to raise the country's debt ceiling after the Senate approved the deal in a last-minute rush to avoid default. The battle now moves to a special congressional committee to determine how the government will trim $1.5 trillion from the deficit. Although the government will avoid defaulting on its debts, the deal failed to dispel concerns that the country's credit rating might be downgraded.

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Reuters · Wall Street Journal, The

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