From National Journal:
Who Wins if the U.S. Defaults?
Plouffe Not Giving Up on Tax Hikes
The Debt Debate: America's New Civil War?
Insiders Support Keeping U.S. Troops in Iraq Past Deadline
PICTURES: Obama Turns 50 This Week; See Other White House Milestones
Senate Republicans on Sunday voted down a bill offered by Senate Majority Leader Harry Reid, D-Nev., to raise the federal debt ceiling, setting the stage for both chambers to move on a compromise bill.
Congressional leaders were expected to brief members Sunday afternoon on the contours of a compromise bill negotiated between Republican leaders and the White House. Both Senate Republicans and Democrats initially planned to brief members around around 2 p.m., but pushed back those plans. House GOP leaders told members to expect a conference call Sunday afternoon on details of the deal.
“Talks are moving in the right direction, but serious issues remain,” an email Sunday from the GOP conference to member offices said. “And no agreement will be final until members have a chance to weigh in.”
At the conclusion of the Senate vote, Reid changed his vote to “no.” That step allows him to still use the House-passed Boehner bill as a vehicle in which to insert the new compromise deal. A cloture vote on that measure could come on Monday, with a final passage vote on Tuesday. The House would then have to pass the bill. House passage is the main obstacle to enactment of the deal.Leaders said they expected to finalize the agreement.
“After speaking to Republican Leader Mitch McConnell this morning, I would say we are both cautiously optimistic we will reach a conclusion soon,” Reid said on the Senate floor.