Obama says both US parties reach debt ceiling deal

US President Barack Obama arrives to make a statement on debt crisis at the White House in Washington, DC, yesterday. Obama announced late yesterday that he and top lawmakers had reached an 11th-hour deal to avert a disastrous debt default that would have sown chaos in the world economy.

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US President Barack Obama said today that he has reached a debt ceiling deal with Republican and Democratic leaders to stave off a debt default crisis.

A bipartisan plan could help lift the cloud of uncertainty over the US economy and financial markets, he told a press conference.

Obama urged US lawmakers to approve the debt ceiling compromise plan in next few days.

The US federal government's borrowing limit, currently at US$14.29 trillion, was reached on May 16. The Treasury Department said the it would run out of cash to pay its bills unless Congress agreed to raise the limit by August 2.

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