Senate leaders
Harry Reid and Mitch McConnell announced on the Senate floor that they have
reached a deal to reopen the federal government, raise the debt ceiling, and
hold bicameral budget negotiations.
The deal
reached allows the federal government to reopen through Jan. 15 and lifts the debt ceiling through Feb. 7.
A conference
would be created to negotiate a fiscal 2014 budget agreement, with directions
to report a deal by Dec. 13 so Congress would have time to get it passed before
the stopgap spending plan expires in mid-January. Dec 13th is key to
avoiding another potential shutdown when the proposed new continuing resolution
expires Jan. 15, the same day that the next round of across-the-board spending
cuts known as sequestration is scheduled to take effect.
Treasury
officials would still be allowed to use “extraordinary” measures to extend
borrowing when the government approaches the debt limit in early February. As
with previous deals, the debt limit would be lifted and the new one would
encompass the amount of new borrowing that occurs in the meantime.
The deal, as it
stands now, would require greater steps to verify the incomes of
individuals who apply for subsidies under the Affordable Care Act (PL 111-148,
PL 111-152).
As of now,
House Republicans are expected to meet at 3 pm today. The Senate is expected to
vote early this evening.
If the House
passes the deal first, it would allow the Senate to avoid at least one cloture
vote to proceed when it arrives in that chamber. But it appeared that the
Senate will be able to expedite passage of the deal under any circumstance
after Sen. Ted Cruz, R-Texas, said he will not filibuster its consideration.
To be
continued…
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