• US debt limit deal done at 11th hour

    Uncle Sam is broke...

    Uncle Sam is broke...

    With the clock ticking down before the world’s richest country effectively went bankrupt, US politicians have at last agreed on a deal to raise the country’s debt limit.

    After months of fighting, Republican and Democratic leaders have come to an arrangement that lifts the US debt ceiling by up to US $ 2.4trillion from the current US $ 14.3trillion.

    It is understood that the other part of the deal involves the US government deficit being cut by a similar amount through the next decade.

    Unless an agreement was reached by tonight the US could have defaulted on its debts – and that would have had horrendous consequences for not only the US but many other countries around the world.
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