The 11th-Hour Deal


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    The Speed Traders

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    交易快手

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    Investasi Super Kilat

 

On October 17, 2013, just minutes into the day, President Barack Obama signed the bill that ended a 16-day partial government shutdown and raised the debt ceiling, after weeks of negotiations that gave way to a frenzied Wednesday night in Washington as Congress finally passed the bill that would prevent the country from crashing into the debt ceiling.

 

Members of both the Senate and House of Representatives had worked dangerously close to the midnight debt ceiling deadline amid warnings the government of the United States of America could run out of money to pay its bills if Congress didn't raise the debt ceiling.

 

The Republican-led House had given the final stamp of approval voting 285 to 144 for the bill brokered by the Democratic-led Senate, which had voted on Wednesday evening, 81 to 18. The proposal had been hammered out by the chamber’s Republican and Democratic leaders after the House was unable to move forward with any resolution. The debt cushion was then extended through February 7, with current spending levels being authorized through January 15.

 

The 16 days of the partial government shutdown had come at a steep cost. Standard and Poor's estimated it took $24 billion out of the economy; Fitch Ratings had put the U.S. AAA credit rating on watch for a potential downgrade. The possibility of a debt default spooked investors on Wall Street and hiked interest rates. Furthermore, it impacted American’s top-notch financial and business global preeminence; China, America’s largest foreign debt holder with $1.28 trillion of U.S. bonds, was already calling for considering building a de-Americanized world.

 

The 11th-Hour Deal is the behind-the-scenes story of these dramatic 16 days. It will provide a comprehensive day-by-day account of what happened behind closed doors in Washington when the political class negotiated in fits and starts reopening of the government and raising the debt ceiling to ultimately arrive to an agreement at the 11th-hour.

 

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