A deal to avert a disastrous default on the national debt and to reopen the government has been reached in the Senate.
According to NBC News on Oct. 16, Senate Majority Leader Harry Reid (D-NV) and Senate Minority Leader Mitch McConnell (R-KY) announced the deal to reopen the federal government and avert a default that could had crippled the nation's economy.
The bipartisan deal would reopen the government through mud-January and raise the debt limit through early February. The deal would also lock in the reduced spending levels that were established under the sequester, the lone silver lining for the GOP in an otherwise disastrous political move that may threaten to bring to an end the Republicans majority in the House.
Reid told reporters after the deal was reached:
The compromise we reached will provide our economy with the stability it desperately needs. In the end, political adversaries set aside their differences and disagreements to prevent disaster.
Shortly after, McConnell offered his blessing of the deal, telling reporters:
This is far less than many of us had hoped for, frankly, but is far better than what some had sought.
Texas Sen. Ted Cruz, who have been a bitter adversary in the Senate, said that he would not use procedural tactics to slow down the vote on the agreement, paving the way for the bill to pass in the Senate. Likewise, House Speaker John Boehner announced that he would bring the bill to a vote in the House, which is expected to pass with the help of the 200 Democrats in the House.
The deal was a major victory for President Obama and the Democrats, who has strengthen their position and exposed the weakness in leadership in the House.
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