Senate leaders this afternoon announced a bipartisan deal that would raise the nation’s debt limit before the midnight deadline and reopen the government.
If passed, it would allow the U.S. Treasury to borrow through February 7 and reopen the government through January 15.
The deal comes on the 16th day of the partial federal government shutdown.
Last night, the House 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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