By Julie Hirschfeld Davis and Mike Dorning
Congressional leaders, leaving no extra time before a default threatened for tomorrow, are racing to push through a compromise sealed with President Barack Obama last night to raise the U.S. debt limit by at least $2.1 trillion and slash government spending by $2.4 trillion or more.
The House plans votes today and the Senate may follow suit to consider the agreement reached during a weekend of negotiations that capped a months-long struggle between Obama and Republicans over raising the $14.3 trillion debt ceiling.
Continue reading the article . . .
Related reading:
U.S. 10-Year Yield Falls to Year’s Low After ISM Manufacturing Index Drops
Bloomberg (1 Aug 11)