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Senate Leaders Announce Deal On Averting Debt Crisis

Senate Leaders Announce Deal On Averting Debt Crisis

(Washington, DC)  --  Senate leaders announced a deal to raise the debt ceiling and end the partial shutdown of the federal government. 

Any deal must clear complex parliamentary hurdles in the Democratic-led Senate and will also have to get through the Republican-controlled House.  One scenario would have the House voting first and then sending the legislation back to the Senate.  

Terms of the tentative deal include funding government operations through mid-January and boosting the debt limit into early February.  The U.S. faces the prospect of default for the first time in history without a deal to increase the nearly 17-trillion dollar debt ceiling.  Treasury Secretary Jack Lew has identified tomorrow as the day the U.S. will exceed its borrowing authority. 

 

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