(Image source from: Debt deal done)

The shutdown is over and Obamacare is back in action!

The U.S. Congress on Wednesday surceased the 16-day partial government shutdown to avert the world's largest economy from  skidding into a historic debt default that could have otherwise toppled the economy of the country.

Putting the lid on weeks of “political brinkmanship” that rattled the global markets, both the Senate and the House of Representatives “passed the spending measure after Republicans dropped efforts to link the legislation to changes in President Barack Obama's signature healthcare law.”

Obama pledged to ink the bill and ordered reopening of the government at once.

This short-term deal, however, is a makeshift solution and does not address the fundamental issues of “spending and deficits that divide Republicans and Democrats.”  The new pact agrees to provide funds to the government until January 15 and pushes the debt ceiling until Februay 7. So the Americans stand the chance of witnessing another government shutdown early next year.

With the deadlock busted a day before the US treasury locked up its funds, US stocks surged on Wednesday, almost touching an all-time high.

AW: Suchorita Dutta Choudhury