Senate Leaders’ Agreement Extends Debt Limit to Feb. 7

(ABC News) – 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.

“This has been a long challenging few weeks for Congress and for the country,” McConnell, R-Ky., added. “It’s my hope that today we can put some of the most urgent issues behind us.”

The proposal would also require income verification for people receiving health insurance premium subsidies from the federal government and it would ensure that the Treasury Department has the authority to use “extraordinary measures” to extend temporarily the debt limit, if necessary.

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