The deal funds the government through January 15th and raises the debt limit until February 7th.
FOX/ABC/CNN -- A Senate aide has confirmed to Fox News that a deal between Senate leaders Sen. Harry Reid (D-NV) and Sen. Mitch McConnell (R-KY) has been reached to end the federal government shutdown.
ABC News is reporting that House Speaker Rep. John Boehner (R-OH) will take the compromise plan to the floor of the House for a vote. If those reports are accurate, the compromise proposal likely has enough votes to pass both the House and Senate with a combination of both Republican and Democratic support, ending the budget shutdown and avoiding a default on the nation's debt.
GOP leaders are reportedly meeting to discuss the details of the deal this morning. If passed, the compromise bill would be a major defeat for conservative Republicans in the House, who forced a government shutdown over Obamacare and more than two weeks ago and would end up with nothing to show for it. However, mounting concerns about dire econominc consequences should the U.S. default on its debt on Thursday leave many Republicans little choice but to accept the plan.
Upon getting word of the compromise, Rep. Cheri Bustos (D-IL 17) issued the following statement. “In the midst of this reckless government shutdown, the stakes couldn’t be higher. While today’s agreement is not perfect, it is absolutely critical to the well-being of our region’s economy and the working families that I represent that Congress pass this common sense and reasonable solution to avert the first default in our nation’s history."
Eyewitness News will continue to follow and update this developing story.