In the U.S., President Barack Obama and congressional leaders announced a historic agreement on emergency legislation to avert the country’s first-ever financial default.
The resolution lifted a cloud that had threatened the fragile economic recovery in the United States and it instantly powered a rise in financial markets overseas.
The agreement would cut at least $2.2 trillion from federal spending over the next ten years.
The deal “will allow us to avoid default and end the crisis that Washington imposed on the rest of America,” the president said in an announcement at the White House.
