1 Updates
Last minute deal to end shutdown, avoid default (Third Lead)
Photo Credit: , Getty Images

Last minute deal to end shutdown, avoid default (Third Lead)

Oct 16 2013, 3:40pm CDT | by IANS

Washington, Oct 17 (IANS) Hours before a looming midnight deadline, Democratic and Republican Senate leaders crafted a last minute deal to end the partial government shutdown, now in its 16th day, and avoid a possible US default.

Washington, Oct 17 — Hours before a looming midnight deadline, Democratic and Republican Senate leaders crafted a last minute deal to end the partial government shutdown, now in its 16th day, and...

Filed under: news

Full Story below YouTube Videos

 
 

 

25 weeks ago

Last minute deal to end shutdown, avoid default (Third Lead)

Oct 16 2013, 3:40pm CDT | by IANS

Washington, Oct 17 (IANS) Hours before a looming midnight deadline, Democratic and Republican Senate leaders crafted a last minute deal to end the partial government shutdown, now in its 16th day, and avoid a possible US default.

Washington, Oct 17 — Hours before a looming midnight deadline, Democratic and Republican Senate leaders crafted a last minute deal to end the partial government shutdown, now in its 16th day, and avoid a possible US default.

Democratic Senate Majority Leader Harry Reid hailed the agreement he worked out with his Republican counterpart Mitch McConnell Wednesday as "historic", saying that "in the end, political adversaries put aside their differences".

President Barack Obama, praised Senate leaders for reaching a compromise, and urged Congress to act quickly, White House spokesman Jay Carney said. "As soon as possible is essentially the recommendation we have from here," he said.

Republican and Democratic members of the House are meeting separately in the afternoon to hear details of the proposal as well as weigh the next steps.

Reid said the Senate deal under discussion would reopen the government, funding it until Jan 15. It also would raise the debt limit until Feb 7 to avert a possible default on US debt obligations for the first time.

Also, the White House supports a provision in the deal that strengthens verification measures for people getting subsidies under Obama's signature health care law, nicknamed Obamacare, Carney said.

Carney called the change "a modest adjustment," and said it didn't amount to "ransom" for raising the federal debt ceiling because both sides agreed to it and the White House supported it.

In addition, the Senate agreement would set up budget negotiations between the House and Senate for a long-term spending plan.

With a key Republican conservative leader Senator Ted Cruz saying he wouldn't try to block the deal, it is now expected to proceed smoothly through both houses of Congress before it reaches Obama's desk.

"The timing of the vote will make no difference in the outcome so I don't intend to delay the timing of the vote," Cruz, who has been spearheading conservative strategy in the government shutdown fight, said after a meeting of the Senate Republicans.

(Arun Kumar can be contacted at arun.kumar@ians.in)

IANS

Source: IANS

 

Don't miss ...

 

blog comments powered by Disqus

Latest stories

Major Efforts to Mitigate Climate Change Well Under Way in Europe
Major Efforts to Mitigate Climate Change Well Under Way in Europe
Responding to the UN report on climate change mitigation, European innovators working across a range of climate innovation disciplines are stressing that major efforts are well under way in Europe.
 
 
EU Climate Innovation Chief Executive: Private, Public and Academic Sectors Need to Come Together
EU Climate Innovation Chief Executive: Private, Public and Academic Sectors Need to Come Together
Mary Ritter, CEO of the EU's main climate innovation initiative Climate-KIC, calls for greater collaboration between the private, public and academic sectors to develop new solutions to stop further climate change.
 
 
InfraGard National Members Alliance Announces New Appointments to the Board of Directors
InfraGard National Members Alliance Announces New Appointments to the Board of Directors
Washington DC, DC, April 12, 2014 --(PR.com)-- The InfraGard National Members Alliance (INMA) announces the appointment of two members to its Board of Directors. The new appointees to three-year terms are Jerry Bowman...
 
 
Troubled Families Conference Announced by Capita Conferences - 27th June, Central London
This important conference gives a national overview of the troubled families agenda and delivers practical insight to help optimise services for families at risk and in crisis.
 
 
 

Latest from the Network

Harold Hamm: The Billionaire Fueling America's Recovery
Harold Hamm has transformed the U.S. oil industry like no one since John D. Rockefeller, while helping to keep domestic prices low — and making himself a $17 billion fortune. The great domestic energy boom, he says, is...
Read more on Business Balla
 
Your Company's Health: The Soft Edge
Are you healthy? People who enjoy long-term health don’t have episodic bursts of health. They’re healthy nearly all the time. Their immune systems fight off threats. Can the same be true of companies? Yes–innovation...
Read more on Business Balla
 
Beware Of The Walking Dead In Your Portfolio
Pop culture often reflects the more insidious trends at work beneath the surface of society. Take America’s current fascination with zombie shows like The Walking Dead. I manage a large portfolio of corporate bonds, but...
Read more on Business Balla
 
Buy Bonds With Moving Parts
For the last few years there has been an inner voice telling bondholders “rates have nowhere to go but up.” That’s why skittish fixed-income investors stampeded into adjustable-rate-bond funds last spring when interest...
Read more on Business Balla
 
Welcome To Cummins, U.S.A.
Just past the factory’s lobby, with its worn, gray chairs and a safety video droning on a flat-screen TV, through thick plastic curtains clouded by age and grime, there’s a whirr of air tools. Cummins Diesel workers are...
Read more on Business Balla
 
Managers Take Note: Here Are The Missing Ingredients For Lasting Corporate Success
How does a company stay ahead in an ever more competitive world in which great new products seem to attract cheaper imitators–or, worse, better versions–faster than ever before? The first critical element is to have the...
Read more on Business Balla
 
China's Twitter-like Weibo Tests Its Appeal With NASDAQ IPO
Interest in the IPO of Chinese microblogging site Weibo is building as fears over investing in China tech stocks have subsided despite lingering risks. Weibo is seeking to raise $380 million in a spinout from Chinese...
Read more on Business Balla
 
Managers Take Note: Here Are The Missing Ingredients For Lasting Corporate Success
How does a company stay ahead in an ever more competitive world in which great new products seem to attract cheaper imitators–or, worse, better versions–faster than ever before? The first critical element is to have the...
Read more on Apple Balla
 
Aaron Taylor-Johnson was 'self-destructive'
Aaron Taylor-Johnson was "pretty self-destructive" before meeting his wife. The 25-year-old actor - who has daughters Wylda, three, and Romy, two, with 47-year-old wife Sam Taylor-Johnson - admits he did a lot of "crazy...
Read more on Celebrity Balla
 
SEAMS to Host Largest Ever Supply Chain USA Pavilion & Reception at Texprocess Americas
Columbia, SC, April 16, 2014 --(PR.com)-- SEAMS, the National Association for the U.S. Sewn Products Industry, will present its largest-ever Supply Chain USA Pavilion at the Texprocess Americas trade show on May 13-15...
Read more on Business Balla
 
 
Auto Balla Sexy Balla Sport Balla TV Balla Politics Balla Movie Balla Apple Balla Business Balla Ad Balla Celebrity Balla