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Relief as US approves debt deal | Relief as US approves debt deal |
(35 minutes later) | |
There has been international relief at a US deal to reopen the government and raise the debt limit, averting the risk of potential default. | There has been international relief at a US deal to reopen the government and raise the debt limit, averting the risk of potential default. |
China welcomed the deal, and the head of the International Monetary Fund called it "important and necessary". | |
Markets in Asia rose on Thursday, though in Europe they dipped slightly in early trading. | Markets in Asia rose on Thursday, though in Europe they dipped slightly in early trading. |
Congress voted through the deal less than a day before a deadline to raise the $16.7tn (£10.5tn) debt limit. | Congress voted through the deal less than a day before a deadline to raise the $16.7tn (£10.5tn) debt limit. |
It followed 16 days of partial government shutdown, which began when Congress failed to agree on a budget by 1 October. | It followed 16 days of partial government shutdown, which began when Congress failed to agree on a budget by 1 October. |
The measure approved in Washington funds the government to 15 January, and extends the Treasury's borrowing authority until 7 February. | The measure approved in Washington funds the government to 15 January, and extends the Treasury's borrowing authority until 7 February. |
The deal, however, offers only a temporary solution and does not resolve the budgetary issues that fiercely divide Republicans and Democrats. | The deal, however, offers only a temporary solution and does not resolve the budgetary issues that fiercely divide Republicans and Democrats. |
Republicans had sought to restrict President Barack Obama's healthcare reform in return for approving more spending. | Republicans had sought to restrict President Barack Obama's healthcare reform in return for approving more spending. |
But under the bill that was passed, the law commonly known as Obamacare escapes relatively unscathed. | But under the bill that was passed, the law commonly known as Obamacare escapes relatively unscathed. |
'Must reduce uncertainty' | 'Must reduce uncertainty' |
Politicians, bankers and economists had warned of dire global economic consequences unless an agreement to raise the US government's borrowing limit was reached. | Politicians, bankers and economists had warned of dire global economic consequences unless an agreement to raise the US government's borrowing limit was reached. |
But IMF head Christine Lagarde's positive response to the news was tempered by a call for further action. | But IMF head Christine Lagarde's positive response to the news was tempered by a call for further action. |
"It will be essential to reduce uncertainty surrounding the conduct of fiscal policy by raising the debt limit in a more durable manner," she said in a statement. | "It will be essential to reduce uncertainty surrounding the conduct of fiscal policy by raising the debt limit in a more durable manner," she said in a statement. |
China was among the countries that had called for a swift resolution to the stand-off. | China was among the countries that had called for a swift resolution to the stand-off. |
"This issue concerns many countries in the world,'' Chinese foreign ministry spokeswoman Hua Chunyin said on Thursday. | "This issue concerns many countries in the world,'' Chinese foreign ministry spokeswoman Hua Chunyin said on Thursday. |
"The US is the biggest economy in the world. For them to handle the issue properly is to their own interest and beneficial to their own development - we welcome their decision." | "The US is the biggest economy in the world. For them to handle the issue properly is to their own interest and beneficial to their own development - we welcome their decision." |
In Washington, the Office of Personnel announced that federal government operations were open. | In Washington, the Office of Personnel announced that federal government operations were open. |
Hundreds of thousands of employees were put on leave without pay during the shutdown. | Hundreds of thousands of employees were put on leave without pay during the shutdown. |
A Department of Interior letter to employees said: "We appreciate your sacrifices through these difficult times and we understand that the lapse in government activities has imposed hardships on you, your families, and the people we serve." | A Department of Interior letter to employees said: "We appreciate your sacrifices through these difficult times and we understand that the lapse in government activities has imposed hardships on you, your families, and the people we serve." |
'Missed opportunity' | 'Missed opportunity' |
Speaking after the Senate had passed the bill on Wednesday evening, President Obama warned that US lawmakers must "earn back the trust of the American people". | Speaking after the Senate had passed the bill on Wednesday evening, President Obama warned that US lawmakers must "earn back the trust of the American people". |
"We've got to get out of the habit of governing by crisis," the Democratic president added. | "We've got to get out of the habit of governing by crisis," the Democratic president added. |
Spurred on by hardline conservatives, congressional Republicans had forced the stand-off by linking budget measures to healthcare reform. | Spurred on by hardline conservatives, congressional Republicans had forced the stand-off by linking budget measures to healthcare reform. |
Despite reluctant support from the House Republican leadership for the bill that was approved, most of the party's lawmakers in the House voted against it. | Despite reluctant support from the House Republican leadership for the bill that was approved, most of the party's lawmakers in the House voted against it. |
House Budget chairman Paul Ryan, among those who opposed it, called the deal a "missed opportunity". | House Budget chairman Paul Ryan, among those who opposed it, called the deal a "missed opportunity". |
"Today's legislation won't help us reduce our fast-growing debt," he said. | "Today's legislation won't help us reduce our fast-growing debt," he said. |
"In my judgement, this isn't a breakthrough. We're just kicking the can down the road." | "In my judgement, this isn't a breakthrough. We're just kicking the can down the road." |
Republican Senator John McCain told the BBC he was "very relieved" that the political crisis had ended. | Republican Senator John McCain told the BBC he was "very relieved" that the political crisis had ended. |
"I'm guardedly optimistic and confident that we won't revisit it this way again," he said. | "I'm guardedly optimistic and confident that we won't revisit it this way again," he said. |
"The reaction of the American people is very, very negative, and understandably so." | "The reaction of the American people is very, very negative, and understandably so." |