They’ve finally done it: this morning, as Asian markets woke up, US President Barack Obama announced that a deal to raise the debt limit had been reached between the Democrats and Republicans, sparking a relief rally across the region.President Barack Obama said on Sunday that spending cuts included in deal to raise the debt ceiling will not happen so quickly that they will drag on the fragile U.S. economy. In a brief statement, Obama said he would make a detailed case over the next few months for a blanched approach to deficit reduction.
"Is this the deal I would have preferred? No. I believe we could have made the tough choices required on entitlement reform and tax reform right now, rather than through a special congressional committee process.
"This has been messy, it's taken far too long. Nevertheless, the leaders of both parties have found their way toward compromise, and I want to thank them for that.
"We're not done yet, I want to urge members of both parties to do the right thing and support this deal.
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