WASHINGTON (CBS DC/AP) — Senate leaders Harry Reid and Mitch McConnell announced a last-minute agreement Wednesday to avert a threatened Treasury default and reopen the government.

The stock market rallied Wednesday afternoon after the Senate leaders announced the agreement following a partial, 16-day government shutdown. Congress raced to pass the measure by day’s end – at which point the U.S. would exhaust its borrowing authority.

White House spokesman Jay Carney reiterated that the issue is larger than partisan, political squabbling in Washington.

“The entire world has a stake in the historical unmatched stability of the U.S. economy. And the historic unmatched dependability of the premise that the United States pays its bills,” Carney said Wednesday. “This whole debate around the debt ceiling and default is so serious, and it’s not something to be treated lightly, or to be used as something to achieve a partisan goal.”

Carney stated that the shutdown and debt ceiling deadline fighting are bad for the U.S. and world economy, and the effect of “flirtation” with the debt ceiling and default is “harmful to the American people in all cases.”

“People from around the world invest in the United States … and don’t have to,” said Carney, stressing the international economic importance of the situation. “We are calling on both houses of Congress to act swiftly … and the continuing harm that these situations have caused to our economy can stop.”

Meanwhile, the Dow Jones industrial average rose nearly 200 points in early afternoon trading.

Carney stated that President Barack Obama’s approach of bipartisan cooperation has not wavered throughout the economic in-fighting. He said the president maintains, “A willingness to compromise, a willingness to discuss any idea from somebody from any party.”

Carney said that neither the president, Democrats or the Republicans “have a corner on good ideas.”

Carney said that “bipartisan harmony,” smooth operation of healthcare.gov and comprehensive immigration reform talks will be the focus of discussion following a possible resolution of the fiscal talks.

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