By Vicki Needham - 10/16/13 04:09 PM EDT
Senate Majority Leader Harry ReidHarry ReidSay NO to PROMESA, say NO to Washington overreach Overnight Finance: Wall Street awaits Brexit result | Clinton touts biz support | New threat to Puerto Rico bill? | Dodd, Frank hit back McConnell quashes Senate effort on guns MORE (D-Nev.) and Minority Leader Mitch McConnellMitch McConnellSunday shows preview: Next steps after Trump upheaval Gun-control supporters plan next steps versus NRA McConnell: Trump needs to act like a 'serious candidate' MORE (R-Ky.) huddled with their members on Capitol Hill and hammered out the final details of a deal that could gain congressional approval before the end of the day.
Senate leaders indicated they would take the reins and vote first as GOP senators such as Ted CruzTed CruzO'Malley gives Trump a nickname: 'Chicken Donald' Va. GOP delegate files lawsuit over bound convention votes Our most toxic export: American politick MORE of Texas said he would not stand in the way of quick passage.
Speaker John BoehnerJohn BoehnerCameras go dark during House Democrats' sit-in Rubio flies with Obama on Air Force One to Orlando Juan Williams: The capitulation of Paul Ryan MORE (R-Ohio) is expected to put the Senate agreement — extending the debt ceiling to Feb. 7 and opening the government until Jan. 15 — on the floor Wednesday.
"The Speaker will bring that bill to the House floor," Rep. Kevin BradyKevin BradyRepublican chairman: Our tax reform plan fits with Trump's vision House Republicans roll out new blueprint for tax reform GOP draws battle line with ObamaCare alternative MORE (R-Texas) told Bloomberg television Wednesday morning.
The bill will allow President Obama to retain his power to use so-called extraordinary measures to preserve the ability of the government to pay its bills once it reaches the debt limit. The Treasury Department told Congress in May that the nation had hit the debt limit and it would be implementing thos measures.
The situation looked bleak on Tuesday night after House Republicans failed to garner enough votes for their latest plan, throwing the negotiations back to the Senate, where progress had been made earlier this week.
The pending deal also would create a budget conference designed to find replacement cuts for sequestration. The group of chosen members would have to report back by mid-December.
The credit rater Fitch said on Tuesday that the United States is on watch for a possible downgrade.
This posted was updated at 12:50 p.m.