Majority Leader Harry Reid and Minority Leader Mitch McConnell have finally negotiated a mutually agreeable budget deal, following the House Republican leadership's failure Tuesday to amass enough party support for a legislativevote regarding reopening the government and raising the debt ceiling.

The Senate leaders are expected to announce the deal on the Senate floor at noon.

Politico reports the House of Representatives is prepared to move on the Senate's bill first, which would mark the narrow avoidance of what could have been an economically debilitating default on U.S. debt.

House Republican leadership, on the other hand, tell another story.

"No decision has been made about how or when a potential Senate agreement could be voted on in the House," said Boehner spokesman Michael Steel.

If the bill starts in the House and moves to the Senate, the bill could avoid some bureaucratic red tape and require only one voting session with a 60-vote necessary to move the bill towards final passage.

Speaker John Boehner will be hard-pressed to act, given his outspokenness on defending conservative interests and shut down Obamacare over the past few weeks.

 

According to Politico, here's what the bill does:

 

- The government will be reopened through to January 15th so Congress can hammer out a final deal.

- The formal vote on whether or not to reject a debt ceiling increase will be postponed to February 7th.

- The deal will allow the Treasury to keep using financial tricks to delay hitting the debt ceiling.

- Congress will develop a bicameral budget committee that must reach a final deal by December 13th. 

- The deal delivers back pay to federal workers made worse off by the shutdown.

- People seeking health-insurance benefits under Obamacare will require income verification to receive those benefits until a final deal is reached.

 

 

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