US President Barack Obama has pushed through a Senate deal aimed at averting a debt default and ending a government shutdown.

The Reserve Bank is keeping a watchful eye on whether the US will default on its debt payments.

If the White House and Congress cannot reach a deal by October17, the U Swill default on its debt. Heidi Moore answers the frequently asked questions.

President Barack Obama is preparing a September jobs package to crank up employment but is hamstrung by budget cuts and a tight debt ceiling.

US President Barack Obama said on Monday he inherited many of the country’s problems with high debt and deficits when he entered the White House.

Credit rating agency Standard & Poor’s on Friday downgraded the US credit rating for the first time since 1917.