Senate Reaches Deal on Debt Limit, Passes the Ball to the House

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It appears that leaders in the U.S. Senate have finally agreed on a stopgap measure to avoid breaching the debt limit and reopen the government. Speaking early Wednesday afternoon, Senate Majority Leader Harry Reid (D-Nev.) said that he was confident a bipartisan proposal would be able to make its way through both houses and to President Obama’s desk.

To be clear, the deal is a short-term plan. It would fund the government until January 15 and raise the debt limit until February 7. In the interim, the measure establishes a mechanism for policymakers to negotiate on a longer-term solution. The measure protects deep federal spending cuts that have been at the core of the Republican agenda.

Sen. Ted Cruz (R-Texas) has said that he won’t stand in the way of the measure. Rep. Kevin Brady (R-Texas) confirmed to Bloomberg┬áthat Speaker of the House John Boehner (R-Ohio) would bring a Senate measure to vote in the House of Representatives. The House is expected to meet at 2 p.m. EDT.

“If you can’t get 218 in the House,” Brady said to Bloomberg on Wednesday, “you take, unfortunately, whatever the Senate gives you.”

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