A bipartisan compromise has been reached in the Senate to raise the debt limit, US Senate majority Reid has said. Senate Minority Leader McConnell has confirmed the deal.

Lawmakers in the Senate are weighing a bipartisan bill that is expected to re-open the United States government and save the country from default.

During an early afternoon hearing on Capitol Hill on Wednesday, Senate majority leader Harry Reid (D-Nevada) acknowledged, “The eyes of the world have been on Washington all this week, and that is a gross understatement. And while they witnessed a great deal of political discourse, today they will also see Congress reaching a historic, bipartisan agreement.”

Earlier that day, Sen. Kelly Ayotte (R-New Hampshire) told the Associated Press that leaders in her chamber reached a deal that would end a shutdown now in its second week, while also raising the nation’s debt ceiling and in turn increasing the country’s ability to borrow from international lenders.

CNBC reported soon after that Republican Party senators planned to announce an agreement after 12p.m. EDT when they were scheduled to meet on Capitol Hill.

A deal would keep the government open through at least January 15, the AP reported, and the debt ceiling would be raised through February 7.

“The compromise we reached will provide our economy with the stability it desperately needs,” Sen. Reid said Wednesday afternoon.

Senate minority leader Mitch McConnell (R-Kentucky) confirmed that Republicans in his chamber agreed to the deal despite clear opposition over some provisions, and Sen. Ted Cruz (R-Texas) told CNN he did not endorse the bill but had no plans on attempting to block it from passing.

Rep. John Boehner (R-Ohio), the speaker of the House, is prepared to rely on Democratic votes in Congress to approve the bipartisan deal, NBC News correspondent Kelly O’Donnell heard from sources.

Moments earlier, Sen. Saxby Chambliss (R-Georgia) told National Public Radio, "I think folks on both sides of the aisle in the Senate are ready to get this done.”

The federal government was slated to hit its borrowing limit as early as Thursday, setting the stage for an all-but certain default. On Tuesday, Fitch ratings warned the US of a possible credit downgrade. Upon news of a reported agreement on Wednesday, the Dow Jones industrial average surged 200 points.

SOURCE: http://rt.com/usa/government-shutdown-live-update-564/

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China and Japan have a window of time to re-think their strategic investments in the US instruments, the world has a window of opportunity to fashion out a replacement of the dollar, Nigeria has been presented with an opportunity to brainstorm on a new frontier to diversify our Sovereign Wealth Fund and External Reserve.

Its just a matter of time, Lifting debt ceiling means more borrowing and someday, the ceiling will come crashing, the losers will be the international lenders.

Its a matter of the ticking time

Abeg Wetin concern me inside US matter? Op tell your pay master to fix Nigeria.

alaoeri: Abeg Wetin concern me inside US matter? Op tell your pay master to fix Nigeria.

Nigeria is being fixed. The Privatization Exercise on the Electricity Sector got a pass mark from the International Community. International Investors can now meet face to face with private owners of GENCOS and DISCOS to partner with each other on the investments on their distribution or generation as the case might be.

The first step once the private owners take over will be "metering", with proper meters in place, private owners will have estimated figures of annual income and use that as case study to lure in foreign investors. An enticing return on investment is all that investors need and believe me, the growth will surpass China, Yes, I repeat, the growth will surpass China.

GEJ is working with the very best team in the world, do not forget that Ngozi Okonjo Iweala was attested the best candidate for the World Bank job, she is in the cabinet. I do not need to explain the resume of Aganga, let me stop there, you are not paying me.

This is cool, but it is just 'very' temporary and it will have bad effects on economies soon, reduction of investments in the US, the low confidence of countries and individual investors in the dollar, the ample chance of re-strategising by deceptive china and co, the continuing increase in the world power debts, and a very big default risk as a result of the low credit worthiness of US (I wonder what the next credit ratings of US bonds and bills will be).

Why not default now, and start this all over? Let new economic models be developed and implemented, let big lessons be learnt, let the plans of china be put to nought, and lastly, let America be free from all debts.

In 2008, 'quantitative easing' was adopted twice by US federal reserve to correct the world economy, but it never really worked, the outcome is this greater problem, as this debt ceiling is being lifted, the greatest problems will show(which is very near), then aggresive methods will now be adopted, which will be late by then.

All I want is 'O IsreaL, to your tents', so the whole world can start afresh, anyway, siddon look mode activated.

The debt is unsustainable, they will default,its not a matter of if but when

I said it earlier that the debt ceiling will be raised, it might be a relief but america just shot itself on the foot. This is not the first time they will be holding the "whole world" hostage, nations will start looking for alternatives to the dollar, what that alternative will be no one knows yet.

greaterlove: I have a feeling that the US congress will raise the debt ceiling before the deadline but what they should know is that the harm has already been done. Raise the ceiling or not Countries are now looking for alternatives to the dollar, nobody is enjoying the drama of the US congress and President, if its disturbing to ordinary folks like me I wonder what finance ministers and presidents of nations will be going through.

About time time they reach an agreement.
Phew! China is breathing again.

trolling: The debt is unsustainable, they will default,its not a matter of if but when

That's the kicker right there, it's not a matter of IF but when...The debt at $17trillion is definitely not sustainable at this point, the more debt, the more interest payment needed from the budget to pay the liabilities.

alaoeri: Abeg Wetin concern me inside US matter? Op tell your pay master to fix Nigeria.

Dundi united