Reports are that a deal has been struck between Senate Majority Leader Harry Reid (D-NV) and Senate Minority Leader Mitch McConnell (R-KY) to reopen the government and raise the debt ceiling.
The rough parameters appear to be as follows:
– Government reopened with a continuing resolution that runs through January 15th when the next round of sequester cuts is scheduled to take effect.
– Clean debt ceiling increase through February 15th.
– Budget conference will meet with a deadline of mid-December to come up with a budget.
There are rumors that some concessions related to the Affordable Care Act are in the mix and possibly limitations on extraordinary measures that Treasury can take the next time we approach the debt ceiling.
This morning Senate Republicans will meet at 9am Eastern to consider the deal.
Senate leadership is looking for unanimous consent to get the bill to the House quickly because the government can no longer borrow money to pay its obligations as of Thursday. Emperor Senator Ted Cruz (R-TX) has not yet decided if he will allow the Senate to vote.
House leadership has been silent. Some individual House members have said that they think there aren’t 20 Republican votes for such a deal and there is still the Cantor Rule to overcome.
Dare we hope?
We stand on verge of re-opening govt and avoiding default. In your face Brokaw for history will know us as truly The Greatest Generation.
— pourmecoffee (@pourmecoffee) October 14, 2013