According to the Washington Post,
The bill must be passed by both the Senate and the House of Representatives, and signed by the president, and it is unclear whether all that can happen before the Treasury Department exhausts its borrowing power Thursday.
Bipartisan deal avoids major concessions to GOP, delays spending debate until winter.
But the bill’s timeline sets up another potentially bitter showdown over spending cuts and entitlement programs that will unfold in the halls of Congress over the next four months.
“This legislation ends a standoff that ground the work of Washington to a halt,” Reid said, urging his colleagues to focus on reconciliation rather than blame. “What we’ve done is send a message to Americans … and in addition to that, to the citizens of every country in the world, that the United States lives up to its obligations.”
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