America

Debt Deal To Be Presented To Congress; Markets Surge On News

A pedestrian crosses a road with the U.S. Capitol building in the background on August 1. The House of Representatives, and the U.S. Senate will each vote today on a agreement to extend the federal debt limit while enacting spending cuts. i

A pedestrian crosses a road with the U.S. Capitol building in the background on August 1. The House of Representatives, and the U.S. Senate will each vote today on a agreement to extend the federal debt limit while enacting spending cuts. Mark Wilson/Getty Images hide caption

itoggle caption Mark Wilson/Getty Images
A pedestrian crosses a road with the U.S. Capitol building in the background on August 1. The House of Representatives, and the U.S. Senate will each vote today on a agreement to extend the federal debt limit while enacting spending cuts.

A pedestrian crosses a road with the U.S. Capitol building in the background on August 1. The House of Representatives, and the U.S. Senate will each vote today on a agreement to extend the federal debt limit while enacting spending cuts.

Mark Wilson/Getty Images

The big news from the overnight is of course that President Obama and congressional leaders have come to an agreement on a plan that will increase the debt ceiling and cut $2.4 trillion in federal spending over 10 years.

Whether the plan appeals to the rank-and-file, NPR's David Welna reports, might be tested today, when barring a filibuster, the bill is expected to be put up for a vote in the Senate.

In the House, Minority Leader Nancy Pelosi gave a rather luke-warm response to the deal.

"We will all have to take a look at it, and we all may not be able to support it, or none of us may be able to support it," she said.

The financial markets, however, rallied on the news. The Wall Street Journal reports that "European stocks posted strong gains;" Asian markets rallied with the Nikkei rising 1.9 percent and U.S. stock futures are trending positively, with the Dow up 135 points hours before the start of trading.

We will, of course, loop back to the debt ceiling news, but here are a few other stories making headlines:

More Violence In Syria: "Syrian military and security forces assaulted Hama and other restive cities before dawn on Sunday, killing at least 70 people in the broadest and fiercest crackdown yet by the government of President Bashar al-Assad on the four-month uprising against his rule, activists and residents said." (The New York Times)

HSBC Cutting Jobs, Branches: Adding to the 5,000 jobs it already cut earlier this year, the British banking company HSBC will cut 30,000 jobs worldwide and sell half of its branches in the U.S. (The Washington Post)

American Hikers Expect Verdict In Iran: It appears two U.S. hikers arrested two years ago in Iran have faced their final court hearing. Faced with charges of espionage and trespassing may learn their fate "within days." (The Los Angeles Times)

Turkey's Civilian Leaders, Clash With Military: Turkey's government will begin appointing new commanders following the resignation of four top commanders. The prime minister alleges the military was planning a coup and this is the first time "a civilian government decides who commands the various armed forces in Turkey." The BBC reports Prime Minister Tayyip Erdogan is using the opportunity to appoint military leaders who are allies.

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