An eleventh-hour bipartisan agreement appears to have been struck Wednesday, to restart the government and avoid defaulting on the U.S. debt.
Senate Majority Leader Harry Reid and Minority Leader Mitch McConnell announced the deal to raise the debt ceiling and end the federal government shutdown on the Senate floor Wednesday afternoon.
According to Reid, the deal will fund the government through mid-January and raise the debt ceiling through February 7. He also said it calls for conferees to look at the long-term fiscal issues that will end no later than December 13.
According to reports, the deal will also include an income-verification system for individuals and families who receive subsidies under the Affordable Care Act. Also, the Treasury Department will still be able to use “extraordinary measures” to get around the debt ceiling in case February 7, rolls around and it is not raised.
“This is a time for reconciliation,” Reid said.
Meanwhile, as Reid and McConnell announced the deal, Sen. Ted Cruz (R-Texas), announced that he won’t block the deal. “I have no objection to the timing of this vote,” he said, when asked if he will filibuster the bill.
Cruz also castigated his fellow senators saying, “had they supported House Republicans there would have been a different outcome.”
“It’s unfortunate that Washington is not listening to the American people,” added an unbowed and unrepentant Cruz.
Speaker John Boehner (R-Ohio) is expected to pass similar legislation in the House, with the support of Democrats.
