Harry Reid And Mitch McConnell Will Announce The Senate Debt Ceiling Deal Soon

Senate Majority Leader Harry Reid and Minority Leader Mitch McConnell are expected to announce a deal to raise the debt ceiling and end the federal government shutdown shortly after noon ET on the Senate floor.

The deal, according to aides, will fund the government through mid-January and raise the debt ceiling through Feb. 7. It also will set up a budget conference that would end no later than Dec. 13.

The deal will also include an income-verification system for individuals and families receiving subsidies through the Affordable Care Act. And in what was a key priority for the White House, the Treasury Department will still be able to use "extraordinary measures" to work around the debt ceiling in the case that it is not raised by Feb. 7.

House Speaker John Boehner is expected to let the Senate deal pass through the House with mostly Democratic votes. It's unclear at this point if the House will vote first, however, which would speed up the process by which a bill could get to President Barack Obama's desk. Boehner spokesman Michael Steel said a decision has not been made on how the bill will proceed through the chambers.

We'll be updating this post when the official announcement is made. Check back here for updates.