Wednesday, October 16, 2013

US Senate takes over to avert a federal debt default

The issue of US debt ceiling is getting grave with the passage of time and now in a grim situation to avert a federal debt default, the US Senate takes over to find a solution to the problem.

Upper chamber leaders resumed work overnight on a deal to raise the US borrowing limit and end a partial government shut-down.

Amid the congressional disarray, a top ratings agency warned of a possible downgrade in US creditworthiness.

It may be added that the US must raise its $16.7tn (£10.5tn) debt limit by Thursday or risk default.

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