Stocks surge as Congress hatches fiscal deal

Senate Majority Leader Harry ReidHarry ReidDems want Sessions to recuse himself from Trump-Russia probe Ryan says Trump, GOP 'in complete sync' on ObamaCare Congress has a mandate to repeal ObamaCare MORE (D-Nev.) and Minority Leader Mitch McConnellMitch McConnellMcConnell breaks with Trump on NATO McConnell: Senate could vote on 3 Trump nominees Friday Dems engage in friendly debate for DNC chair 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 CruzCaitlyn Jenner to attend Trump inauguration: report Trump’s UN pick threads needle on Russia, NATO Haley slams United Nations, echoing Trump MORE of Texas said he would not stand in the way of quick passage.  

Speaker John BoehnerJohn BoehnerLast Congress far from ‘do-nothing’ Top aide: Obama worried about impeachment for Syria actions An anti-government ideologue like Mulvaney shouldn't run OMB 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 BradyOvernight Healthcare: Takeaways from Price's hearing | Trump scrambles GOP health plans GOP rep faces testy crowd at constituent meeting over ObamaCare Border tax criticism clouds reform push 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.