U.S. Senate approves deal to end shutdown, lift debt ceiling

U.S. Senate Wednesday night approved the bipartisan deal which would lift the debt ceiling and end the partial shutdown of the federal government, bringing the bill closer to a final congressional passage.

With a 81-18 vote, the Democratic-led Senate backed the measure, sending it to the Republican-controlled House of Representatives where a vote is likely later Wednesday night.

The bill would fund the government through Jan. 15 and raise the debt limit until Feb. 7.

The deal emerged earlier Wednesday as Senate Majority Leader Harry Reid and Minority Leader Mitch McConnell announced on the Senate floor the bipartisan compromise.

"This compromise we reached will provide our economy with the stability it desperately needs," Reid said.

Speaking minutes after the Senate vote, Obama said he planned to sign the bill "immediately" once it clears the House and the process of reopening government would then begin "immediately."

He thanked leaders from both parties for working out an agreement to end the government shutdown and raise the debt ceiling.

"Hopefully next time it won't be in the 11th hour," he said. "We've got to get out of the habit of governing by crisis."

House Speaker John Boehner said Wednesday afternoon that the fight will continue but blocking the bipartisan agreement reached by the members of the Senate will not be a tactic for House Republicans.

"The House has fought with everything it has to convince the president of the United States to engage in bipartisan negotiations aimed at addressing our country's debt and providing fairness for the American people under ObamaCare," he said.

"Our drive to stop the train wreck that is the president's health care law will continue," he added.