Democrats and Republicans in the United States Congress decided, just several hours before time ran out, to find a way to reach an agreement that would raise the nation's debt ceiling. In Warren Buffet's words, not reaching an agreement is a political weapon of mass destruction.
The federal budget deadline has been delayed to January 15 and the debt ceiling agreement to February, which will allow the government to resume a wide range of administrative functions that have been suspended since last week. Despite the suspense about whether Congress would reach a decision, most agreed that they would come to some sort of agreement.
Stock markets remain bullish on the knowledge that the world's premier economy remains intact. The fiasco has created more political problems than economic pressure and underscores the deep rift between Republicans and Democrats in the United States.
