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Senate Minority Leader Sen. Mitch McConnell, R-Ky., walks to the Senate floor after agreeing to the framework of a deal to avoid default and reopen the government on Capitol Hill on Wednesday. The partial government shutdown is in its third week and less than two days before the Treasury Department says it will be unable to borrow and will rely on a cash cushion to pay the country's bills. (AP Photo/ Carolyn Kaster)

Deal reached to avoid default and open government

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WASHINGTON (AP) — Senate leaders announced last-minute agreement Wednesday to avert a threatened Treasury default and reopen the government after a partial, 16-day shutdown. Congress raced to pass the measure by day's end.

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The Dow Jones industrial average soared on the news that the threat of default was fading, flirting with a 200-point gain in morning trading.

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