US Senate leaders on Wednesday announced a deal to end the partial government shutdown and avoid a possible U.S. default as soon as midnight, CNN reports.
The news of a deal brought some relief to Wall Street as well as Washington, where the shutdown reached a 16th day with the government poised to lose its ability to borrow more money to pay bills on Thursday.
Senate Majority Leader Harry Reid hailed the agreement he worked out with his GOP counterpart Mitch McConnell as “historic,” saying that “in the end, political adversaries put aside their differences.”
Now the question becomes whether the agreement can win approval in the Senate and the House to reach President Barack Obama’s desk, perhaps by the end of Wednesday to ensure there is enough cash on hand for all U.S. debt obligations and bills.
President Barack Obama praised Senate leaders for reaching a compromise agreement to raise the debt ceiling and temporarily fund the government, and urged Congress to act quickly to approve the legislation, White House spokesman Jay Carney said.