Senate Majority Leader Harry M. Reid (D-Nev.) and Minority Leader Mitch McConnell (R-Ky.) announced a deal on Wednesday to raise the debt limit through Feb. 7 and end the 16-day-old government shutdown.
The bipartisan bill must be passed by both the Senate and the House of Representatives, and signed by the president, and it is unclear whether all that can happen before the Treasury Department exhausts its borrowing power Thursday.
The bill avoids any major concessions on Obama’s signature health-care law, a major victory for Democrats and a repudiation to House and Senate Republicans who for weeks tried to use the threat of a shutdown and potential debt default to force changes in that law.
But its timeline also creates another showdown over spending cuts and entitlement programs that will unfold in the halls of Congress over the next four months.
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