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WASHINGTON DC, USA (2nd UPDATE) – Senate Majority Leader Harry Reid said Wednesday, October 16, that a deal had been reached with Republican leaders to end a fiscal impasse that has threatened the United States with default.
Reid, speaking from the Senate floor, said the agreement called for reopening the federal government with a temporary budget until January 15 and to extend US borrowing authority until February 7.
“The compromise we reached will provide our economy with the stability it desperately needs,” Reid said. (READ: Senate in spotlight as US on brink of possible default)
Senator Mitch McConnel, the top Republican, followed, confirming the agreement, which has to be approved by both the Senate and the Republican-controlled House.
US borrowing authority is on track to expire at midnight (12 pm Thursday, Manila time), and without an agreement the United States runs the risk of a default with potentially devastating consequences. (READ: What happens to PH if US defaults?) – Rappler.com
This is a developing story. Please refresh this page for updates.
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