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The following is an archived video story. The text content of that video story is available below for reference. The original video has been deleted and is no longer available.

Update: Congress reaches bipartisan deal

WASHINGTON   -  After 16 days of government shutdown -- and the government close to its borrowing limit -- congress has reached a bipartisan deal.

Senate leaders announced they have come to an agreement for a short-term plan that would reopen the government and avoid a default.

Senate leaders delivered the highly anticipated news just after noon today.
A deal that should end the more than two week shutdown.
But it's not a long term solution to what many feel is a self-inflicted problem.

"It's never easy for two sides to reach consensus"
But, it appears a consensus *has* been reached. 
"Political adversaries set aside their differences and disagreements to prevent that disaster."

--the details, according to sources:
--fund the government until January 15th.
--raise the debt limit until February 7th.
--set up budget negotiations between the House and senate in the hope of reaching a long-term deal.
--and strengthen verification measures for those seeking federal subsidies under Obamacare.

The ball went back into the senate's court late Tuesday night, when a House Republican plan fell apart. 

"After yesterday's events the majority leader and I began a series of conversations about a way to get the government reopened and to prevent default."

It's up to Speaker John Boehner to put the senate plan up for a vote in the House. 

It could be a tough pill to swallow knowing that the bill can pass with near unanimous democratic support and some GOP votes, but possibly not the majority of republicans in the House.

The reaction from the White House -- cautious optimism.
"The president applauds Leader Reid and Minority Leader McConnell for working together to forge this compromise"

And avoiding another potential hurdle - Republican Senator Ted Cruz, the face of the opposition to Obamacare, announced he will *not* block this deal... But his rhetoric remained defiant.

"Unfortunately it appears the Washington establishment is refusing to listen to the American people"

Congress will vote on this legislation at some point today -- and it's expected to reach President Obama's desk by tonight.
   
But today's deal means there will be new deadlines in just a few months.
The president is saying he doesn't think republicans will run this play again -- but there are already indications that the GOP is gearing up to fight the next round.