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UPDATE: President signs bill to end shutdown, prevent debt default

Updated: Wednesday, October 16 2013, 11:32 PM CDT
Reported by Associated Press:

Washington D.C. -- Around 1230 a.m. Thursday morning, President Obama signed a measure avoiding a default on debt and ending the partial government shutdown.
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Congress has passed legislation to reopen the partially-shuttered federal government and avert a potentially disastrous default on U.S. obligations, clearing the measure for President Barack Obama's promised signature.
   
Passage of the bill late Wednesday in the House and Senate ended a Washington-created crisis that closed much of government for 16 days. It came on the eve of the date the Treasury Department warned it would no longer be able to borrow to pay the government's bills.
   
The legislation was carried to passage in the House by strong support from Democrats and 87 yes votes from majority Republicans who had originally sought to use the measure to derail Obama's three-year-old health care law.
   
The legislation will reopen the government through Jan. 15 and permit Treasury to borrow normally through Feb. 7.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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From CBS News:

The Senate passed a bill Wednesday evening to fund the government and avert a default on the U.S. debt more than two weeks after the shutdown began.

By a vote of 81 to 18, the upper chamber approved the agreement which was negotiated by Senate Majority Leader Harry Reid, D-Nev., and Minority Leader Mitch McConnell, R-Ky. It will fund the government through Jan. 15 and lift the debt ceiling through Feb. 7.

"This compromise we reached will provide our economy with the stability it desperately needs," Reid said on the floor earlier Wednesday when he announced an agreement had been reached. "It's never easy for two sides to reach consensus. It's really hard, sometimes harder than others. This time was really hard."

Several of the Senate's most conservative members voted against the bill because they felt it did not do anything to dismantle the Affordable Care Act.

"This is a terrible deal," said Sen. Ted Cruz, R-Texas, on the Senate floor before the vote, though he acknowledged that it would pass. "This deal embodies everything about the Washington establishment that frustrates the American people."

In addition to funding the government and lifting the debt ceiling, the agreement authorizes retroactive pay for federal employees who were furloughed and instructs the government to reimburse states for the costs they incurred executing federal programs during the shutdown.

To read more, click here: http://www.cbsnews.com/8301-250_162-57607891/senate-passes-bill-to-end-shutdown-avert-default-house-to-follow/UPDATE: President signs bill to end shutdown, prevent debt default


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