The top two leaders in the Senate reached an agreement Thursday to fund the government through Jan. 15, 2014 and extend the country’s debt limit to Feb. 7.
Bloomberg reports that under the deal, the Treasury could use extraordinary measures to avert a default for one more month beyond Feb. 7.
Senate Majority Leader Harry Reid (D-Nev.) unveiled the details of the agreement with Minority Leader Mitch McConnell (R-Ky.) on the Senate floor.
Lawmakers could make their first votes on the compromise as soon as Thursday, according to Bloomberg.
Without the deal, the Treasury would have only $30 billion in cash reserves and incoming revenues to make required payments, according to the report.
According to Reuters, the deal calls for a group of lawmakers to form a committee that will work over the next two months to address the country’s long-term fiscal issues.
Sen. Patty Murray (D-Wash.) Murray and Rep. Paul Ryan will lead that panel, Reuters reports.
House Republican leaders could let their caucus adjourn for the rest of this week and early next week after both chambers pass the measure, National Journal reports.