US maintains credit rating after passing debt ceiling bill

The US congress passed a debt ceiling bill, signed by Barack Obama on Tuesday, that will permit the US government to borrow more money, preventing a default on bond payments. The bill passed the House of Representatives by 269-161, and the Senate by 74-26, with opposition from Tea Party Republicans and liberal Democrats.

The bill calls for $2.1 trillion in spending cuts over the next ten years, and stipulates that a 12-member committee that will identify ways to reduce spending by November. No new revenues will be raised.

The three major credit ratings agencies maintained their AAA rating on US bonds. But critics worried that the debt plan will not solve the US' economic woes. (Condensed from Al Jazeera English)