Congress Passes Debt, Budget Deal

From the Wall Street Journal:

A potentially crippling U.S. debt default was averted late Wednesday, as Congress passed legislation to end a political showdown that had rattled financial markets, splintered the Republican Party and showcased Washington dysfunction.

The House voted 285-144 to reopen the government through Jan. 15, suspend the debt ceiling through Feb. 7 and lay thegroundwork for talks over broader budget issues. The Senate earlier approved the bill 81-18. President Barack Obama signed the bill early Thursday morning.

The agreement, crafted by two Senate leaders, offers only a temporary reprieve from the brinkmanship that has become a hallmark of divided government. Still, news earlier Wednesday that the bill was moving toward final passage had been enough to send theDow Jones Industrial Average up 205.82 points, or 1.4%, to 15373.83—putting it 1.6% above its level on Sept. 30, the last day the government was fully open.

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Joseph Colangelo is Executive Director of Consumers' Research, the nation's oldest consumer-focused organization. Joseph grew up in Northern New Jersey and attended U.C. Berkeley on a Naval ROTC scholarship where he graduated with a Bachelor’s of Arts with a concentration in Political Science.

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