A vote in the Senate looks set to pull the United States back from the brink of economic disaster today, with just hours to go to avert a default.
A last-ditch deal on debt between rival Republicans and Democrats has already cleared its most difficult hurdle in the House of Representatives.
The measure was passed in the Republican-led House despite noisy opposition to the compromise from Republican right-wing Tea Party supporters on one side and liberal lawmakers on the other.
The debt deal should have an easier ride in the Democratic-controlled Senate.
It raises the government’s borrowing limit by at least two trillion dollars and cuts spending by a similar amount over 10 years.
Today’s vote should mark the end of a partisan political battle that has seriously spooked investors.