Senate leaders are closing in on a deal to reopen the government and extend the U.S. debt ceiling until next year, marking a major breakthrough in an impasse that has paralyzed Washington and struck fears across the globe.
In a furious round of last-ditch negotiations, Senate Majority Leader Harry Reid and Minority Leader Mitch McConnell were discussing a proposal to reopen the government until Jan. 15 and extend the national debt limit until Feb. 7. The plan under consideration would also require larger bicameral budget negotiations to conclude by Dec. 13.
There was still a sticking point this evening over whether to allow the Treasury Department to use “extraordinary measures” to go beyond the new Feb. 7 debt limit deadline as the White House and Reid are seeking, according to sources familiar with the matter. Republicans are opposed to that idea, but several Democratic sources insisted it would be included in the final package.
Indeed, there were growing expectations that a deal was imminent; Senate Republicans and Democrats are expected to meet Tuesday to discuss the proposal in separate closed-door caucus meetings. Read more at Politico.