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U.S. debt ceiling compromise

Monday, August 01, 2011 - 01:12

Aug 1 - U.S. Senate leaders say negotiation has led to a debt-ceiling compromise. Rough Cut (no reporter narration).

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ROUGH CUT ONLY - NO REPORTER NARRATION U.S. Senate leaders on Sunday acknowledged that a long sought-after debt ceiling agreement has been reached and that legislation will come to a vote soon. President Barack Obama has announced a last-minute deal to raise the U.S. borrowing limit and avert a catastrophic default. He is urging lawmakers to do what he called 'the right thing' and approve the deal. Senate Majority leader Harry Reid said Democrats and Republicans rarely needed to come together more than today but acknowledged the deal would not satisfy everyone on either side. Senate Minority leader Mitch McConnell said he was confident of a way forward that would ensure cuts in Washington's spending and added that the American people could finally be assured the nation would not, for the first time in its history, default on its obligations. Financial markets showed immediate signs of relief after the nerve-wracking approach of an August 2nd deadline to raise the limit on U.S. borrowing or risk the world's largest economy running out of money to pay its bills.

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U.S. debt ceiling compromise

Monday, August 01, 2011 - 01:12