Q&A: What’s the state of the debt-limit fight today? (UPDATED)

Congress has until Thursday to raise the debt limit to avoid a potential default on the debt. (Chip Somodevilla/Getty Images)

Confused by all the crazy ups and downs of Washington over the government shutdown and debt ceiling? Here's a five-minute primer on what's happening at 1 p.m. Wednesday.

What’s going on right now?

The crisis appears to be almost over.

Democrats and Republicans in the Senate have reached a deal to open the government and raise the debt ceiling (more on the debt ceiling here).

Assuming no snag in the House, both chambers could pass the deal on Wednesday or Thursday. President Obama would then sign it.