The US Senate has reportedly agreed on a bipartisan deal to raise the debt ceiling and avoid a potential US default. Both chambers of Congress must still vote on the proposal.
The Associated Press reports that the deal includes the following terms:
- US Treasury will have authority to continue borrowing until February 7, and the Government would reopen until January 15.
- Lawmakers would be able to vote to disapprove the increase to the debt ceiling, but President Obama would have the right to veto their opposition, ensuring he would prevail.
- Includes one small concession to the health care reforms known as 'Obamacare'