Relief around world as US avoids debt default
Source: AP-Excite
BEIJING (AP) - The International Monetary Fund appealed Thursday to Washington for more stable management of the nation's finances as Asian stock markets rose after U.S. leaders agreed to avoid a debt default and end a 16-day government shutdown.
With only hours to spare until the $16.7 trillion debt limit was reached, Congress passed and sent a waiting President Barack Obama legislation Wednesday night to allow more government borrowing and reopen public agencies.
The debt standoff had rattled global markets and threatened the image of U.S. Treasury debt as a risk-free place for governments and investors to store trillions of dollars in reserves. Few expected a U.S. default but some investors sold Treasurys over concern about possible delayed repayment and put off buying stocks that might be exposed to an American economic downturn.
"World heaves sigh of relief as U.S. barely averts debt default," said the Times of India newspaper in a headline.
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In this image from House Television, with partial voting totals on the screen, a woman, at the rostrum just below the House presiding officer, seen between the "yea" and "nay" wording, is removed from the House chamber after she began shouting during the vote for the bill to end the partial 16-day government shutdown and to fund the government. The woman was described by lawmakers and aides as a long-time House stenographer. (AP Photo/House TV)