Senator Charles Schumer says a a bipartisan deal announced earlier today that would raise the nation’s debt ceiling limit before and reopen the government will likely take place before the midnight deadline.
If passed, it would allow the U.S. Treasury to borrow through February 7 and reopen the government through January 15.
Additionally, it will appoint members of the House and Senate to work out a longer term budget deal by mid December and require income verifications for those receiving subsidies under the Affordable Care Act.
The deal comes on the 16th day of the partial federal government shutdown.
Last night, House members canceled a vote on a bill that would have funded the government through December 15 and suspended the debt limit until February 7.
It also would have eliminated health insurance subsidies for members of Congress and their aides. However, some House Republicans said the bill was not conservative enough and refused to support it.
Democrat Hakeem Jeffries said Republicans were bringing the nation to the brink of disaster.
“We did not do a single thing today because John Boehner and the house republicans could not get their act together, and they brought us closer to a historic default,” Jeffries said.
Credit rating agency Fitch said it may downgrade the nation’s rating because of the budget impasse.
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