In the end, US President Barack Obama won re-election on the issue that was supposed to send him packing: the country’s sluggish economy.

A last-gasp deal to raise the US borrowing limit cleared its biggest hurdle in Congress on Monday, warding off the risk of a debt default.

Negotiations on a deficit-reduction deal collapsed on Friday as US House Speaker John Boehner pulled out of talks with President Barack Obama.

Deficit reduction talks between President Barack Obama and Republican leaders ran into trouble on Sunday at a meeting marked by testy exchanges.

President Barack Obama set a goal of cutting the US deficit by $4- trillion, plunging into the debate over the nation’s fiscal woes.

Political momentum was expected to carry a Wall Street reform Bill to approval, but the death of Senator Robert Byrd threatens to delay final action.

United States lawmakers finalised an historic overhaul of financial regulations as dawn broke over Capitol Hill on Friday.