Senate Announces Debt Ceiling, Government Shutdown Deal

Must be approved by Republicans in the House

BREAKING NEWS: The Senate's Democratic leader announced a deal Wednesday to raise the federal debt limit and end the government shutdown. The deal faces a Senate vote and must also be approved by the Republican-controlled House.

Top aides to Senate Majority Leader Harry M. Reid (D-Nev.) and Minority Leader Mitch McConnell (R-Ky.) are forging a deal to raise the debt limit through Feb. 7 and end the 16-day-old government shutdown, after a House Republican effort to forge a solution collapsed Tuesday in humiliating failure.