WASHINGTON - The White House is urging quick congressional approval of a deal to raise the debt ceiling and end the partial government shutdown, now in its 16th day.
White House spokesman Jay Carney says the deal reached by Senate leaders "achieves what's necessary" to reopen the government, remove the threat of default and move past brinksmanship.
Carney says the agreement is bipartisan and that President Barack Obama is looking for Congress to act so he can sign it and remove the threat to the economy.
Obama's spokesman is praising Senate Majority Leader Harry Reid and Senate Republican leader Mitch McConnell for working together.
Reid announced Wednesday that the deal will to avoid default and end the government shutdown.
The agreement would reopen the government through Jan. 15 and increase the nation's borrowing authority through Feb. 7.
Reid also thanked McConnell for working out an agreement.
Sen. Ted Cruz says he won't delay a vote on a bipartisan budget deal that will reopen the government and avoid a financial default.
Cruz had forced the shutdown by demanding that President Barack Obama gut his health care law in exchange for a bill to keep the government running.
He told reporters Wednesday that he would vote against the bipartisan bill but wouldn't use Senate delaying tactics to stall the legislation.
The Texas senator has won praise from the tea party and other conservatives for his actions.
Sen. Ayotte: Deal reached
A Republican senator says she understands Senate leaders have reached an agreement to avoid a Treasury default and reopen the government after a 16-day partial shutdown.
Sen. Kelly Ayotte of New Hampshire made her comments Wednesday as she walked into a meeting of Senate Republicans in leader Mitch McConnell's office.
Ayotte said the leaders would make a formal announcement.
The government would reopen through Jan. 15 and Treasury would be allowed to increase the nation's borrowing authority through Feb. 7.
Stocks surge as Washington closes in on debt deal
Stocks are surging on Wall Street as Washington closes in on a deal to avoid a default by the U.S. government.
The Dow Jones industrial average spiked 200 points, or 1.3 percent, to 15,370 in late morning trading shortly after news that Senate leaders reached an agreement to avert a default.
The bill must still pass the House of Representatives as well as the Senate.
The deal would also reopen the government after a partial 16-day shutdown.