Following a crucial vote in the Senate on Wednesday, U.S. President Barack Obama welcomed news that the Treasury will avoid defaulting on more than USD 17 trillion in federal debt. In a statement, Obama said, "I'm pleased that Republicans and Democrats in Congress have come together to pay for what they've already spent, and remove the threat of default from our economy once and for all. The full faith and credit of the United States is too important to use as leverage or a tool for extortion." "Hopefully, this puts an end to politics by brinksmanship and allows us to move forward to do more to create good jobs and strengthen the economy," he added.
The hour-long vote resulted in a 55 - 43 outcome in favor of suspending the borrowing limit, two weeks ahead of the deadline that could have rocked financial markets had the legislation not passed.
"Instead of wasting time creating new crises, Congress should be focused on creating new jobs and opportunities. That's what the American people deserve from their representatives in Washington, and that's what they should get," concluded Obama.