Leaders in the U.S. Senate have struck a deal to reopen the government and raise the debt ceiling ahead of Thursday’s historic default.

The bill would extend the debt ceiling through February 7th and fund the government through mid-January. The bill also calls for budget negotiations between both houses of Congress on a long-term spending plan and includes a provision to strengthen verification measures for those seeking government subsidies for Obamacare.

Several Republican house members are reportedly not happy with the deal which does not include a defunding of Obamacare.

“If we’re not willing to take a stand now, then when will we take this stand?” Rep. Steve King of Iowa told CNN this morning.

Stock markets worldwide jumped on news of the impending deal.