According to Senate leaders a bipartisan deal has been reached that would allow the government to be reopened immediately and extend the nation's borrowing limit to February. Votes in the House and Senate could begin later this afternoon.
As for what it means for your money, earlier today we took a walk around Yahoo studios and asked some members of the Finance team what would constitute a good deal for investors. Their answers are in the attached clip.
For now, politicians seem optimistic. “The compromise we reached would provide our economy with the stability it desperately needs,” Majority Leader Senator Reid said on the Senate floor.
If past is prelude, some form of compromise will be reached slightly after the self-imposed midnight deadline. Immediately upon completion, the countdown to the February debt ceiling vote will begin and this same scene will start again in January.
All of which is business as usual. Short of the international humiliation, political fistfights are as much a part of Washington, D.C. as humidity and long-winded speeches. It was Otto Von Bismarck who is credited with saying "laws are like sausages, it is better not to see them being made." It is Von Bismarck's good fortune to have died in 1898, well before CNN, let alone Twitter.
Whatever happens to the pending and decidedly fragile agreement being struck today will clearly not mark the end of the rancorous debate in Washington. For all the grandstanding, lunacy and ineffectual leadership, it looks as though America will survive.
***Be sure to catch our live streaming blog covering the market close starting today from 3:30pm et. Join in the conversation on Twitter under #YFinDeal. Our yahoo finance team along with top financial commentators will weigh in on whether this is the real deal and how it'll impact your money moving forward.***
- Politics & Government