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October 16th, 2013
06:36 AM ET

U.S. Faces Debt Ceiling Crash At Stroke Of Midnight

The country crashes into the debt ceiling at midnight, and there is no deal yet in Washington.

The deal-making resumes Wednesday, as the government slides into day 16 of the shutdown.

Legislators dropped hints on their way home Tuesday that Senate leaders will present a deal to raise the debt ceiling and reopen the partially shuttered government.

And a Republican member of the House of Representatives is holding out hope that Speaker John Boehner could break with a Republican tradition to put that deal on a fast track.

After adjourning the Senate for the night around 10 p.m. Tuesday, majority leader Sen. Harry Reid sounded upbeat. "We're in good shape," the Nevada Democrat said.

Senate staffers burned midnight oil to draft a framework bill, and a spokesman for Reid said he and his counterpart, minority leader, Republican Senator Mitch McConnell, "are optimistic that an agreement is within reach."

The Senate isn't in session until noon Wednesday, but it's possible that statements may go out in the morning in an effort to assure the markets of progress.

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