Terms of Senate proposal to end US debt crisis

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'