OBAMA FACES BACKLASH AS U.S CLINCHES DEAL ON DEBT.

President Barack Obama arrives to speak from the White House briefing room about a deal being reached to raise the debt limit

- Fears U.S. will see credit rating downgraded this week

- Early gains in Dow Jones Index quickly lost after figures revealed

- Obama accused of 'selling out principles' to boost election prospects

- President says debt crisis has been a 'long and messy process'

American lawmakers passed an 11th-hour bill last night to raise the U.S. lending limit and avoid a calamitous debt default, but Barack Obama still faces an angry backlash.

Despite successfully passing the rescue package, the President must now deal with criticism from both sides of the aisle over the uneasy compromises that were made to pass the legislation.

The 269-161 vote in the Republican-controlled House of Representatives drew a line under the crisis with hours left before the U.S. ran out of cash to pay its bills.

Both Republicans and Democrats saw the bill as an unpalatable necessity and were only able to reach acceptable terms after weeks of bickering and brinkmanship.

It will not be official until the Democrat majority in the U.S. Senate rubber stamps the deal this afternoon and it is signed into law by President Obama.

But, coming after weeks of uncertaintly, the deal allays fears that another delay would leave the U.S. government facing an unprecedented default.