Avert a Default & Reopen the Government

“Senate leaders finalizing deal. Senate Majority Leader Harry Reid and Senate Minority Leader Mitch McConnell are finalizing a deal to avert a debt default and reopen the government. The deal is essentially done, sources say, as aides for the two leaders finished drafting the legislative language Tuesday night. Cooperation will be needed from members of both parties in order to avoid default as well as to end the first government shutdown in 17 years. And a Senate plan will need to clear the House, which has struggled to pass any bill to raise the national debt limit. Under the plan, a $986 billion government funding bill would reopen federal agencies until Jan. 15, and the debt ceiling would be lifted until Feb. 7. The two parties would be given the opportunity to cut a larger-scale budget agreement to slash future deficits as a bicameral conference committee would have until Dec. 13 to finalize such a deal.” (Politico)

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