US Senate reaches deal to avoid default

US Senate leaders have reached last-minute deal to avert a historic lapse in the government's borrowing authority, and to reopen the federal government.

16th October, 2013
Senate Minority Leader Mitch McConnell (left) arrives at Capitol.

US Senate leaders have announced a last-minute deal to raise the US debt limit before a crucial deadline and to reopen the federal government, which has been closed since the start of this month.

The compromise deal negotiated by Senate Majority Leader Harry Reid and Minority Leader Mitch McConnell would fund the US government until January 15th and extend the debt limit until February 7th, various news sources reported.

"The compromise we reached will provide...

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