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Senate takes over negotiations after House tables talks
WASHINGTON, D.C. (NEWSCHANNEL 3) - With the House of Representatives seemingly not voting Tuesday night, the Senate is taking control of negotiations, and scrambling to come up with some sort of resolution to reopen the government and avoid default.
The U.S. has a little over 24 hours before it loses the ability to borrow money.
Despite that, the repercussions are already being felt.
The credit rating agency Fitch has put the U.S. bond rating under review, a period which will last until the end of March.
That means even if Congress passes a short-term deal, lawmakers will have to take up the debt ceiling again before the agency makes a decision.
We are being told, however, that we are much closer to a decision after Tuesday night.
Newschannel 3 spoke with Congressman Fred Upton at around 10:00 p.m.
Upton is calling the shutdown a "sorry chapter," and said the process has been "very frustrating."
Congressman Upton says we will "most likely" see a deal pass through the House and Senate on Wednesday.
He says that deal is not perfect, but it will re-open the government and address the debt ceiling--at least in the short term.
"What this does it it will reopen the government until January, and the debt ceiling until February, to then allow us a number of months to try to work on long-term structural changes to fix the underlying problem that is the deficit," Upton said.
Congressman Upton says that the long-term solution is the key, and making sure that there isn't another shutdown in the future.
Obviously, getting both sides to agree on that won't be easy.