• Once again, the debt ceiling had become a threat. The Treasury estimated that by Monday 2 November it would have exhausted the exceptional cash management measures which, since March, had allowed it to meet the obligations of the federal government without issuing debt.

  • Months of fruitless negotiations finally gave way to an agreement, coming, yet again, at the eleventh hour.

  • The agreement – reached between members of Congress and President Obama – was approved by the House and will soon be reaching the Senate floor. It would allow a new suspension of the debt ceiling until March 2017.

  • The agreement would also allow a relaxation, over the short term, of spending limits, without any substantial change on the medium-term fiscal outlook.

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