After protracted negotiations over the last few days, the U.S. Senate finally saw a deal between the Democrats and Republicans over the country’s debt ceiling.
The result also paves the way for government to be fully reopened, but disaster has only been averted for now.
Speaking from the floor of the U.S. Senate, Senate Democrat leader Harry Reid decided to celebrate the agreement rather than the differences:
“The compromise we reached will provide our economy with the stability it desperately needs. It’s never easy for two sides to reach consensus, it’s really hard, sometimes harder than others, this time was really hard. But after weeks spent facing off across a partisan divide that often seemed too wide to cross, our country came to the brink of disaster. But in the end, political adversaries set aside their differences and disagreements to prevent that disaster.”
But the thorny issue of Obamacare still rankles with the Republicans and they’ve vowed to try to repeal the law. Senator Reid’s Republican counterpart, Mitch McConnell took the floor and stressed that the Republicans had compromised a great deal in order to reach an agreement:
“But for today, the relief we hope for is to re-open the government, avoid default and prevent the historic cuts we achieved under the budget control act. This is far less than many of us had hoped for frankly but it is far better than some had sought.”
But that debt clock is still ticking. All that’s changed is the deadline as the government has only extended the federal borrowing limit until February 7th.