Senate Deal Would Fund Government Through January 15, Set Up Special Committee to Negotiate Remainder of Budget

Raises the debt limit to cover spending projected through February 7

Senate Majority Leader Harry Reid and Minority Leader Mitch McConnell have reached an agreement on a compromise that would fund the government until Jan. 15 and extend the debt limit until Feb. 7.

"This compromise we reached will provide our economy with the stability it desperately needs," Reid, D-Nev., said on the Senate floor today.