House Republicans are about to make an offer that would hike the debt limit and end the governement shutdown,
reported the AP moments ago.
The stock market took off on the headline.
The Dow is up 63 points, and the S&P 500 is up 6 points.
The government has been shut down for 11 days due to Congress’ inability to make a budget deal. This fiscal incident has unfortunately come as the U.S. approaches the October 17 debt ceiling, which is when the government will no longer be able to borrow money by issuing bonds.
Experts worry that once we hit the debt ceiling, the Treasury will rapidly run out of cash, forcing the U.S. to default on its obligations.
Congress has been scrambling to at least extend the debt ceiling to buy time before a more comprehensive deal is made.
Here’s the tweet from AP seems to have the markets excited.
BREAKING: AP Sources: House GOP offers debt limit hike, end to shutdown in package with spending cuts
— The Associated Press (@AP) October 11, 2013