UPDATE: After a resolution passed the Senate and House on Wednesday, President Obamaa signed the legislation which ends the 16-day old government shutdown.
According to a CNN report midday on Wednesday, the United States senate leaders have reached an agreement to open the government again which will avoid a United States default at midnight on Wednesday.
The formal announcement is being made at 12 noon ET on the Senate’s floor in Washington, D.C.
Sen. Kelly Ayotte of New Hampshire was allegedly the first to speak publicly by saying that she understood that the lawmakers have come to an agreement. Exact details of the Senate plan are forthcoming.
Next, of course, the United States House of Representatives will need to vote and approve the measures, and then President Barack Obama will need to sign the legislation. In the eleventh hour, it's difficult to imagine either the of the factions to stop this morning's progress on a solution to the default.
The Senate discussion this morning included reopening the government, having it funded until January 15, 2014. Additionally, the nation’s debt limit was to be raised until February 7, 2014 to cancel out a possible default of the United States’ debt obligations.
This is a developing story.