Closing In On Shutdown & Debt Limit Deal

By Associated Press | 

WASHINGTON (AP) -- The Senate's Democratic and Republican leaders appear to be closing in on a deal to avoid an economy-rattling Treasury default and end the two-week partial government shutdown.

After an intense day of negotiations with Senate Republican leader Mitch McConnell and other lawmakers, Senate Majority Leader Harry Reid declared: "We've made tremendous progress," adding "Perhaps tomorrow will be a bright day."

McConnell also voiced optimism, although not as much as Reid.

Officials says in the discussion to date, the $16.7 trillion federal debt limit would be raised enough to permit the Treasury to borrow normally until mid-February, if not a few weeks longer. The government would reopen with enough money to operate until mid-January at levels set previously, and agencies would be given flexibility in adjusting to reduced funding levels imposed by across-the-board spending cuts.

However, the officials caution the details could change, and there's even more uncertainty about other elements of a possible deal.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus