10/16/2013 11:07 EDT | Updated 12/16/2013 05:12 EST

Republican senator says deal in hand to avoid default, reopen the government

WASHINGTON - A Republican senator says she understands Senate leaders have reached an agreement to avoid a looming Treasury default and reopen the government after a 16-day partial shutdown.

Sen. Kelly Ayotte of New Hampshire made her comments Wednesday as she walked into a meeting of Senate Republicans in leader Mitch McConnell's office.

Ayotte said the leaders would make a formal announcement.

The government would reopen through Jan. 15 and Treasury would be allowed to increase the nation's borrowing authority through Feb. 7.