Senate leader announces bipartisan budget deal
Democratic leader Harry Reid says Senate leaders have reached a bipartisan deal to avoid default and end the government shutdown, now in its 16th day.
Reid made the announcement at the start of the Senate session on Wednesday.
The deal would reopen the government through Jan. 15 and increase the nation's borrowing authority through Feb. 7.
Reid thanked Republican leader Mitch McConnell for working out an agreement.
The government would reopen through Jan. 15 and Treasury would be allowed to increase the nation's borrowing authority through Feb. 7.
Meantime, Republican Sen. Ted Cruz says he won't delay a vote on the deal. Cruz forced the shutdown by demanding that President Barack Obama gut his health care law in exchange for a bill to keep the government running.
He told reporters Wednesday that he would vote against the bipartisan bill but wouldn't use Senate delaying tactics to stall the legislation.
The Texas senator has won praise from the tea party and other conservatives for his actions.
The United States' near-perfect credit rating is in danger, with Fitch, one of the major agencies that grades a nation's financial strength, warning investors that America may not be able to pay what it owes due to "political brinkmanship."
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