By Lelethu Mquqo
1 August 2011
President Barack Obama has announced a last-minute deal to raise the United States borrowing limit and avoid a calamitous default.
He urged Congress to "do the right thing" and approve the agreement.
Just two days before a deadline to lift the so-called debt ceiling, the White House and congressional leaders said the compromise would cut about $2.5 trillion from the arrears over the next 10 years.
But allow Obama’s administration to carry on borrowing money until 2013.
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