POSTED: Wednesday, October 16, 2013 - 11:15am
UPDATED: Sunday, October 20, 2013 - 4:12pm
Washington, D.C. (KETK) — The United States Senate has announced they have reached a deal to end the government shutdown and avoid default.
Stocks skyrocketed Wednesday morning, as investors relished in the news the Senate had reached a deal to reopen the government and raise the debt limit. The money government borrows to pay the United States' bills is slated to run out, Thursday.
The formal announcement was made on the Senate floor shortly after 11:00 a.m. The government has been partially shutdown for 16 days.
The decision will now be sent to the U.S. House of Representatives where they will deliberate and decide whether or not to approve the Senate's deal.