US President Barack Obama has reached a compromise with the
Republicans and lifted the country's debt limit, preventing a market
crash. The new limit may come into force on August 2, Gazeta.ru
reports.
Expenditure will be cut to $1 trillion. A two-party committee was
formed for additional reduction of the state debt.
Legislature needs to be passed in both chambers 27 hours before any
imminent market crash.
US Treasury Secretary Timothy Geithner said that the market crash
could have repeated the recession of the 1930s.
