US Debt Limit Bill

Republican leaders and the Obama administration voiced optimism that Congress will pass a compromise plan to raise the U.S. debt limit by at least $2.1 trillion and slash federal spending by $2.4 trillion or more.

As presidential campaign coming up in autumn, the two parties had a heated discussion until the very day before the vote.

I am very relieved to hear the news, as this agenda had been weighing down the market for the past several days. Moreover, US might have been in great embarrassment if the two parties could not reach the agreement.

The Standard and Poor’s 500 lost 1 percent to 1,279.50 at 2:34 p.m. in New York after climbing as much as 1.2% earlier. The Dow Jones Industrial Average retreated 80.26 points, or 0.7 percent, to 12,062.98 today after rising 139 points.