Shutdown: Congress Passes Bill To Stop Default

America looks set to avoid a financial catastrophe after Congress voted to pass a bipartisan deal to end the fiscal impasse.

A last-minute agreement to avert a threatened US default and reopen the Government was reached on Wednesday.

After the details were finalised it was put to the US Senate and later the House of Representatives, before being signed by President Obama.

Senate minority leader Mitch McConnell struck a deal with Democrats

Speaking at the White House he said: "There's a lot of work ahead of us. We need to earn back the trust of the American people that's been lost over the past few weeks."

The deal was struck by Senate majority leader Harry Reid and GOP leaders Mitch McConnell, and calls for the Treasury to have authority to continue borrowing through February 7, and reopen the Government through January 15.

It means a fresh round of negotiations ahead of those dates, and Mr Obama said: "Hopefully next time (a deal) won't be in the 11th hour."

The agreement comes just a day before the deadline to raise the Government's $16.7tn (£10.5tn) borrowing limit. Had no deal been reached, the Government would have started to default on its planned payments.

Notably absent from the fresh agreement is a long-held Republican demand to defund aspects of President Obama's signature health care law.

The Senate deal makes only one modest change in the programme that requires individuals and families seeking subsidies to verify their incomes before qualifying.

Republican House speaker John Boehner said: "We fought the good fight, we just didn't win."

He gave a fist pump in front of photographers as he left late talks before the vote.

The agreement sent the stock market soaring on Wednesday, pushing the Standard & Poor's 500 index close to a record high.

Most traders had expected some sort of deal, given that a failure to reach a deal could have pushed the US into another recession.

Eric Wiegland, a senior portfolio manager, said: "Investors have become, unfortunately, accustomed to some of the dysfunction. It's become more the norm than the exception."

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