UPDATE: 12:30 P.M.
Majority Leader Harry Reid is announcing a deal today to open the government to avoid the country defaulting on their bills. The deal proposed by the Senators Reid and McConnell earlier this morning would go into effect.
It’s also been announced that Conservative Sen. Ted Cruz would not block the new deals proposed by the senate.
“The compromise we reached will provide our economy with the stability it desperately needs,” Reid said on the Senate floor.
The legislation would reopen the government and fund it through January 15, raise the debt ceiling through February 7 and create a budget conference committee.
With just 24 hours away, the government may be back on track with their bills after all.
According to the Huffington Post, aides to senate Majority Leader Harry Reid (D-Nev.) and Minority Leader Mitch McConnell (R- KY) are discussing a solution to the debt ceiling, which involves possible funding through January 15, 2014 and raising the debt ceiling through February 7.
A Democratic aide also revealed to the Huffington Post that a deal was “imminent” between the two parties.
The Senatorial Leaders were left with no choice than to take matters into their own hands when the House failed to come to a resolution Monday, after House Speaker John Boehner (R-OH) announced Tuesday morning that a bill would be created to solve the budget woes on “it’s own terms.”
The Senate also plans to go a step forward in insuring that another possible default won’t happen, with the bill requiring verification of income from Obamacare users, which is similar to Boehner’s deal.
According to the New York Times, other details of the Senate deal require a detailed and thorough “tax-and-spending blueprint” by December 13.
With so little time left, it’s clear that these guys need a resolution. If nothing is resolved by tomorrow, the government will be left with just the money in its pockets to pay the nation’s debt.