Oct. 16 - The U.S. Senate reached a deal to reopen the government and prevent a debt default with a deadline just hours away. Conway G. Gittens reports.
Signs of progress in Washington keeping stocks on the up and up. Senate Democratic Leader Harry Reid broke the news on the Senate floor. SOUNDBITE: U.S. SENATE DEMOCRATIC LEADER HARRY REID (ENGLISH) SAYING: "This legislation also funds the government through January 15 and averts default through February 7, during which time we can work toward a long term budget agreement that prevents these frequent crises. And perhaps most importantly, this legislation ends a standoff that ground the work of Washington to a halt this fall." The deal to bring this stand-off to a close was brokered with Republican Senate Leader Mitch McConnell. SOUNDBITE: U.S. SENATE REPUBLICAN LEADER MITCH MCCONNELL (ENGLISH) SAYING: "This has been a long, challenging few weeks for Congress and for the country. It is my hope that today we can put some of those most urgent issues behind us." There's still more work to be done. The deal cut between the Senate has to be approved by the House. But at least one potential roadblock is backing down. Senator Ted Cruz was a driving force in linking the battle to the Affordable Care Act, also known as Obamacare. SOUNDBITE: U.S. SENATOR TED CRUZ, REPUBLICAN, TEXAS (ENGLISH) SAYING: "You want to know what this fight is about? It's about one thing. It is about all of the people across this country who are right now facing terrifying decisions, because they are losing their healthcare, they are losing their jobs, they are being left in the cold, and sadly the United States Senate has said Washington will do nothing. It has created the problems you are facing, but Washington will do nothing to address the suffering you are feeling. That is unfortunate, but this debate and this fight will continue in the months ahead." But at least for now, markets are relieved America will make good on its debts and not default.