However, defaulting on debt payments, or any payments for that matter (Social Security, military, funding for states) is in the hands of the Congress, which remains a house divided.
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However, the parliament's negotiator on the deal, Dutch liberal Sophie in 't Veld, said it was "telling and disappointing" that after nine years of negotiations with "our closest friend and ally", the US, "we can only come up with an agreement that commands half-hearted support from a divided house".
But a draw in the sense of a divided government, with one party in charge of the White House and another in charge of at least one chamber of Congress.
At the time, with a Republican in the White House and Democratic-controlled Congress, the two parties were divided on how to deal with a deficit that had tripled during the Reagan Administration.
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As Devesh Kapur and Pratap Bhanu Mehta argued in a paper, political instability and a divided parliament - with the ruling coalition often a minority in the upper house - contributed to the slowing down of output.
Real-estate agents are divided on the benefits of putting a house on the silver screen.
Divided into three wings, the main house is built around a Belgium stone courtyard.
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The blocks were divided into 20- and 25-foot house lots with a 100-foot depth, a module that could be assembled for a variety of configurations.
It was a hopeful speech, especially for a president who returns to Washington tomorrow to face the aftermath of hurricane Sandy, as well as the approach of the so-called Fiscal Cliff and a sharply divided Congress with Democrats retaining the Senate and the GOP holding the House.
Be in no doubt Mr Obama has won a victory and the Republicans in the House have been forced to back down, and are left fuming and divided.
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