The bipartisan plan would reopen government and avert default on U.S. debt.
One day before the United States is set to hit its debt limit and the third week into a government shutdown, Senate Majority Leader Harry Reid and his Republican counterpart Sen. Mitch McConnell have negotiated an agreement to temporarily solve both crises.
"This compromise we reached will provide our economy with the stability it desperately needs," Reid said on the Senate floor.
House Speaker John Boehner will present the deal for a vote in his chamber. He will need Democratic votes to pass the measure and it is unclear how much support his own party will provide.
With the threat of default behind them, at least temporarily, a negotiating committee would work on longer-term solutions. But the weeks-long standoff has already begun to cause damage. On Tuesday, Fitch, one of three major credit rating agencies, placed the nation's AAA credit on what it calls "Ratings Negative Watch."
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(Photos from left: AP Photo/ Evan Vucci, AP Photo/J. Scott Applewhite)