WASHINGTON, D.C. – Senate leaders have reached an agreement that would end the partial shutdown of the federal government and raise the debt ceiling to avoid the possibility that the U.S. government would default on its debt, according to multiple news reports.
House Speaker John Boehner (R-Ohio) said he would bring the Senate deal to the floor for a vote, where just last night Republicans failed to vote on their own measure to end the self-inflicted crisis.
For the proposal to take effect, both the Democrat-controlled Senate and Republican-controlled House must approve it.
The deal would continue to fund federal agencies at current levels through Jan. 15, 2014 and raise the nation’s borrowing limit to allow the government to borrow enough money to meet its obligations through Feb. 7, 2014. A negotiating committee would pursue plans for longer-term budget solutions.
The U.S. Treasury expects to reach the limit of its borrowing powers at the end of the day tomorrow, leaving only $30 billion on hand plus daily tax receipts to pay the nation’s bills.
Republicans failed to gain significant alterations to President Barack Obama’s signature health insurance reform law, but did win a minor concession that creates new procedures to verify the income of some people who will receive government subsidies for health insurance costs.
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