It was announced on Wednesday by Senator Majority Leader Harry Reid and Senator Mitch McConnell, the Senate Republican Leader, that a final agreement had been reached by the Republicans and the Democrats in the Senate.

The agreement made by the Senate will end the 16-day impasse and shutdown of the Federal Government and fund the government through January 15, 2014 and the agreement will also extend the federal borrowing authority until February 7, 2014. The agreement comes one day before the deadline.

McConnell stated that he hopes that the Senate will wrap up the deal in a vote today.

The Senate had earlier been working on a plan but news that the House was preparing another plan of their own yesterday brought negotiations to a halt as all eyes moved to the House. But, House Republicans struggled to come up with the necessary votes to pass their version even as Speaker of the House announced that the House would take up a vote before midnight. But, shortly before midnight, unable to garner the votes needed, the House gave up on the attempt, putting the budget ball back into the Senate court.

Saying that the attempt to limit the Health Care law by the Republicans was justified, Senator Mitch McConnell said, This law is ravaging our economy, killing jobs, driving up premiums and driving people off the coverage they have, and like, in droves,” he said, saying the “refusal to delay it reflects a kind of stubborn ideological obsession.” But, he said also that today’s task is to re-open the government and avoid default.

The Senate bill is still being reviewed by Senate Republicans, but it is likely that they will accept the bill as is and, with Democrats, pass it sometime today. The House may vote on the Senate Bill before the Senate does, this will increase the chances that it reaches the President’s desk for his signature sooner than if they wait until the Senate takes up the vote.

Senator Ted Cruz, a Texas Republican, who led the Republican campaign against President Obama’s Affordable Health Care Act told reporters that he will not try to block the proposal.

This new Senate bill makes very few consessions to the Republicans, only adding stricter income verification for those seeking subsidized insurance under the Affordable Care Act.