Futures Rise as Obama Announces Bi-Partisan Agreement on Debt Ceiling
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Literally hours before the US Treasury was set to run out of federal funds, President Obama announced late Sunday Congressional leaders from both parties have agreed to terms to raise the debt ceiling.
While the President said votes are still needed, the initial plan boosts the government's debt ceiling by $2.4 trillion. The current package provides nearly $1 billion in spending cuts over the next decade. Obama also suggested a committee of officials would be formed in order to find another $1.2 trillion in spending reductions.
Sources say the deal would provide enough cash for the government to remain operational through the 2012 election.
US futures are moving higher on word of the deal. In Asia, stocks have just opened Monday's trading session sharply higher. At last check, Japan's Nikkei was up nearly 2 percent.
While the President said votes are still needed, the initial plan boosts the government's debt ceiling by $2.4 trillion. The current package provides nearly $1 billion in spending cuts over the next decade. Obama also suggested a committee of officials would be formed in order to find another $1.2 trillion in spending reductions.
Sources say the deal would provide enough cash for the government to remain operational through the 2012 election.
US futures are moving higher on word of the deal. In Asia, stocks have just opened Monday's trading session sharply higher. At last check, Japan's Nikkei was up nearly 2 percent.
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