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US President Barack Obama has blasted Republican opponents, who he said had damaged America's economy and credibility, issuing a stern rebuke after a prolonged stand-off that forced a government shutdown and threatened default.
As Congress reopened the US government on Thursday and signed off on more borrowing so America could pay its bills, the president warned that the deal reached at the last minute on Wednesday had quelled but not ended the deep political and fiscal crisis.
The administration and its Republican opponents know the deal only pushed the unsolved and bitter ideological battle a few months into the future. Mr Obama warned against doing it again. "The American people are completely fed up with Washington," Mr Obama said in a forceful tone.
"Probably nothing has done more damage to America's credibility in the world than the spectacle we've seen these past few weeks," the president said in an impassioned White House appearance.
The US Senate is voting on a cross-party bill to raise the country's debt ceiling and re-open the government which has been partially shutdown.
The vote on the proposed bill is critical as it is a day before a deadline for America to avoid defaulting on its debts.
With tomorrow's deadline fast approaching, it finally appears that the US debt crisis will end overnight.
Both sides have agreed to pass the necessary laws to allow the debt ceiling to rise and keep the government functioning, at least until January.
ITV News' Washington Correspondent Robert Moore reports:
Republican House Speaker John Boehner has said he will not block a vote in the House of Representatives on the Senate deal to end the debt crisis.
US President Barack Obama has said he believes a bipartisan deal reached by Senate leaders will re-open Government and remove the threat of a default.
The White House encouraged Congress to act swiftly to pass the deal.
Republican Senator Ted Cruz has said he will not seek to delay the passage of a Bill to end the US debt stand-off.
The conservative lawmaker said that the "Washington establishment has not listened to the American people."
Senate Republican Leader Mitch McConnell has said he is "confident" that both chambers of Congress will agree a deal to avert the US debt crisis before the end of the day.
He told the Senate it had been a "long, challenging few weeks for Congress and for the country".
Senate Majority Leader Harry Reid has admitted that it was "really hard" to find political consensus on a deal to raise the debt ceiling.
Addressing the Senate before unveiling the terms of the deal, he said it was a "gross understatement" to say that the eyes of the world have been on the US Congress in recent days.
He added that the agreement would provide the stability that the economy desperately needs.
The US stock market surged in early trading as political consensus appeared to be building towards a solution to the US debt crisis.
The Dow Jones industrial average, Standard & Poor's 500 index and Nasdaq composite all rose by between 1 and 1.3 percent in late morning trading.
The US Senate has reportedly agreed on a bipartisan deal to raise the debt ceiling and avoid a potential US default. Both chambers of Congress must still vote on the proposal.
The Associated Press reports that the deal includes the following terms:
- US Treasury will have authority to continue borrowing until February 7, and the Government would reopen until January 15.
- Lawmakers would be able to vote to disapprove the increase to the debt ceiling, but President Obama would have the right to veto their opposition, ensuring he would prevail.
- Includes one small concession to the health care reforms known as 'Obamacare'
Latest ITV News reports
As Thursday's debt ceiling deadline looms, the most powerful nation in the world suddenly looks weak and dysfunctional.