Thursday: Senate to pass No Budget, No Pay Act

Two amendments are from Sen. Rob PortmanRob PortmanOvernight Finance: Trump threatens NAFTA withdrawal | Senate poised for crucial Puerto Rico vote | Ryan calls for UK trade deal | Senate Dems block Zika funding deal Overnight Energy: Volkswagen reaches .7B settlement over emissions Senators rally for coal miner pension fix MORE (R-Ohio). One would require a dollar in spending cuts for every dollar increase in the debt ceiling, the other would provide for automatic continuing resolutions if no appropriations bills were signed, thus avoiding the risk of government shutdowns.

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Another, from Sen. Pat Toomey (R-Pa.), would prioritize payments by the federal government in the event the debt ceiling is not raised. The last, from Sen. Rand PaulRand PaulTrump: Rivals who don't back me shouldn't be allowed to run for office Trump hires Rand Paul's former digital director: report Trump flexes new digital muscle MORE (R-Ky.), would prohibit the transfer of F-16s to Egypt.

After the Senate starts work at 9:30 a.m., it should finish one of the amendment votes shortly after noon.

Then, after a recess, the Senate will finish work on the rest of them starting shortly after 2 p.m., and hold a final passage vote after disposing of all amendments and a motion.

Assuming the bill is approved with no amendments, Senate passage will send the bill to President Obama for his signature. Once it's a law, the debt ceiling will be suspended through May 18, a delay that both sides hope will lead to some longer-term deal on the debt ceiling.

The bill would also put pressure on the House and Senate each to pass a budget resolution. Failure to do so by either chamber by April 15 would result in the withholding of pay for members of that chamber.

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