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WASHINGTON -- There's a deal to reopen the government and avoid a potential default on the debt, Senate Majority Leader Harry Reid (D-Nev.) and Minority Leader Mitch McConnell (R-Ky.) announced on the Senate floor Wednesday.

The plan developed by the two leaders would open the government until Jan. 15 and extend the debt ceiling through Feb. 7.

Reid called the deal "historic," and cautioned others keep the rhetoric to a minimum. "This is not a time for pointing fingers or blame. This is a time for reconciliation," Reid said, before yielding to McConnell.

McConnell emphasized that the agreement maintains cuts that the Senate agreed to in the last budget showdown in 2011. read more