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Oct 16, 2013 1:03 PM by Maddie Garrett

Deal Reached to Avoid Default, Votes Still Needed

Senate Majority Leader Harry Reid says a bipartisan deal has been reached to avoid a U.S. default and end the government shutdown. Speaking on the Senate floor, Reid thanked Republican leader Mitch McConnell for working out the agreement, which would reopen the government through Jan. 15 and increase the nation's borrowing authority through Feb. 7. A smiling McConnell said Republicans had secured a deal to have spending in one area of the budget decline for two years in a row, adding, "we're not going back."

A deal is in place, but House and Senate votes are still needed to approve legislation extending the government's ability to borrowing and end the federal shutdown. On the Senate side, the Republican who led the effort to attach health care provisions to such measures is standing down. Sen. Ted Cruz says he plans to vote against the bipartisan bill but won't use Senate delaying tactics to stall the legislation.

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