U.S. stock markets rally on news that the Senate has reached a deal to end the federal shutdown and avoid default on the government's debts, but the measure won't repeal or delay the medical device tax.
Senate leaders reached a deal to end the federal shutdown and avoid default on the U.S. government's debts, Politico is reporting, sending U.S. stock markets up.
The Dow Jones index rose 1.3% to 15,371.08, the S&P 500 jumped 1.4% to 1,721.18 and the NASDAQ exchange posted a 1.2% increase to 3,837.93 after the news broke today.
The U.S. House immediately began to debate the Senate deal, brokered by majority leader Sen. Harry Reid (D-Nev.) and minority leader Sen. Mitch McConnell (R-Ky.), Politico reported, citing "several sources familiar with the talks."
The measure would reopen the government through Jan. 15, 2014, lift the debt ceiling through Feb. 7 and create a budget committee with a report due Dec. 13, according to the website. It includes a McConnell provision allowing Congress to vote on increasing the debt ceiling and pay furloughed federal workers the back pay they've been denied during the shutdown, according to Politico. The measure would also strengthen the income verification requirements for people seeking health insurance subsidies, the website reported.
But the Reid/McConnell compromise does not affect Obamacare or the medical device tax, unlike prior proposals that would have repealed or delayed the 2.3% sales tax on prescribed medical devices.
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