It’s been a stressful week and everybody has been feeling the pressure of the looming debt ceiling deadline. Finally on Sunday night, President Barack Obama and congressional leaders reached agreement on a deal that would extend the federal debt ceiling. Hit the jump for more details!!
(CNN)–Two days before the deadline for a possible U.S. government default, President Barack Obama and congressional leaders reached agreement Sunday on a legislative package that would extend the federal debt ceiling while cutting spending and guaranteeing further deficit-reduction steps.
The proposed $3 trillion deal, which still requires congressional approval, brought some immediate relief to global markets closely watching the situation play out and a nation filled with anger and frustration over partisan political wrangling that threatened further economic harm to an already struggling recovery.
However, there was no guarantee the plan will win enough support to pass both chambers of Congress.
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