WASHINGTON: The United States was spared the ignominy of a disastrous debt default on Wednesday when Congress passed a bill extending the nation's borrowing authority and ending a two-week government shutdown.
After weeks of tumultuous debate, the measure passed first with less than two hours to run until October 17, the date from which the Treasury had warned it might not be able to pay its bills.
The last-gasp plan will stave off the most pressing crisis by extending the US Treasury's borrowing authority until February 7.
Lawmakers also reached agreement on re-opening shuttered federal agencies, bringing hundreds of thousands of furloughed employees back to work and funding government through January 15.
Even before the acrimonious battle reached its finish with the House vote, President Barack Obama said he would sign the bill "immediately" as he sought to heal the wounds caused by the showdown.
But he also warned that Washington must stop governing by crisis.
US leaders needed to "earn back" the trust of the American people in the aftermath of the crisis, Obama said.
After weeks of tumultuous debate, the measure passed first with less than two hours to run until October 17, the date from which the Treasury had warned it might not be able to pay its bills.
The last-gasp plan will stave off the most pressing crisis by extending the US Treasury's borrowing authority until February 7.
Lawmakers also reached agreement on re-opening shuttered federal agencies, bringing hundreds of thousands of furloughed employees back to work and funding government through January 15.
Even before the acrimonious battle reached its finish with the House vote, President Barack Obama said he would sign the bill "immediately" as he sought to heal the wounds caused by the showdown.
But he also warned that Washington must stop governing by crisis.
US leaders needed to "earn back" the trust of the American people in the aftermath of the crisis, Obama said.
