Latest: Clock is ticking on debt ceiling

, Posted: Wed, October 16 2013 at 7:46 AM, Updated: Wed, October 16 2013 at 8:44 AM

There's less than 24 hours until the government reaches the debt ceiling... so far no word on a deal.
But at this hour, the Senate says they're making progress after the House abandoned a last-ditch effort to pass its own legislation, senate leaders say they're closing in on a deal to reopen the government and lift the debt ceiling before a key Thursday deadline.

If everyone can't agree, Fitch - one of the big credit rating agencies - is warning of a possible downgrade to the U.S.'s credit score.Meanwhile, the government remains shutdown, now on it's 16th day.

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