Senate leaders announce deal to end shutdown and avoid default

October 16, 2013

Sen. Harry Reid, the Democratic leader, said on the Senate floor at midday that his party and Republicans had found their way to a compromise to “provide our economy with the stability it desperately needs” and avert financial disaster.

The compromise would fund the federal government through Jan. 15 and extend the borrowing power, known as the debt ceiling, through Feb. 7. It also calls for an agreement by mid-December on a long-term budget plan.

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