The government shutdown is officially over, at least for a while, says a breaking report from The Associated Press on MSN. Senate leaders announced their eleventh-hour agreement today just hours before a disastrous treasury default would have sent the U.S. credit rating into a spiral. The agreement puts back to work hundreds of thousands of federal employees who have been waiting daily for word as to when they can return to their jobs.
The 16-day shutdown ends with a deal that allows the United States to increase their borrowing authority through February 7 of next year, and reopens the partial government shutdown until January 15. The nation’s debt limit currently stands at $16.7 trillion.
"This is a time for reconciliation," said Senate Majority Leader Harry Reid of the agreement he had forged with the GOP leader, Sen. Mitch McConnell of Kentucky
There is no official word yet from the White House.
House and Senate negotiators now have additional time to work on a deficit-reduction deal, as well as to discuss Obamacare, which was at the heart of the shutdown put into place over two weeks ago.
This story is developing. Head over to MSN for more details.