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What The “Deal” Looks Like

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Zero Hedge
October 16, 2013

Senate Majority Leader Harry Reid and Senate Minority Leader Mitch McConnell will soon announce an agreement to reopen the government and avert default on U.S. debt, Politico reports, according to several sources familiar with the talks. Here is what that “stunning reversal for the speaker” deal looks like…

Via Politico,

But the fact that House Republicans are now planning to go that route marks a stunning reversal for the speaker who had backed his conservative wing’s drive to gut Obamacare as part of the government shutdown fight, now in its third week.

The bill will barely scathe Obamacare, however, and putting it on the floor will mark a huge concession by the House after sparking a 16-day government shutdown over insistence that the health care law be defunded or delayed as a condition to keep the government open. Dozens of conservatives in the House will be disappointed by the proposal and Boehner will need Minority Leader Nancy Pelosi to deliver a bevy of votes to pass the bill.

Reid (D-Nev.) and McConnell (R-Ky.) are very close to finishing an agreement to reopen the government through Jan. 15, lift the debt ceiling through Feb. 7 and develop a bicameral budget committee that would be required to develop a conference report by Dec. 13.

The plan includes a proposal offered by McConnell in the 2011 debt ceiling crisis that allows Congress to disapprove of the debt ceiling increase, which means lawmakers will formally vote on whether to reject of the debt ceiling increase until Feb. 7. Obama can veto that legislation if it passes. If Congress fails as expected to gather a two-thirds majority to override the veto, the debt ceiling would be raised.

  • A d v e r t i s e m e n t

The deal would also deliver back pay to furloughed federal workers, require income verification for people seeking health-insurance subsidies under the Affordable Care Act and also allow the Treasury Department to use extraordinary measures to pay the nation’s bills if Congress doesn’t raise the debt ceiling by Feb. 7.

Meanwhile Sens. Ted Cruz (R-Texas) and Mike Lee (R-Utah) haven’t divulged whether they might hold up the bill in the Senate.

This article was posted: Wednesday, October 16, 2013 at 11:09 am





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