An agreement was reached between President Obama, Republicans and Democrat leaders
Earlier, President Barack Obama announced a deal had been struck between Democrats and Republicans to raise the US debt ceiling.
Mr Obama said the agreement will cut about $1 trillion (£610bn) over 10 years, reducing government spending to its lowest level since the 1950s.
A special congressional committee will be set up to find another $1.5 trillion (£915bn) in savings by the end of December, the President added.
The last-minute deal, which will allow the US to increase its borrowing by $2.1 trillion (£1.3 trillion), still has to be approved by Congress later today.
Officials believe this amount will be enough to last until 2013.
"The leaders of both parties in both chambers have reached an agreement that will reduce the deficit and avoid default," Mr Obama said...read more
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