Shortly after 1 p.m. today, the Senate voted down Majority Leader Harry Reid's debt deal. As Talking Points Memo reported, Reid's bill was "outmoded" by the new plan between the White House and Minority Leader Mitch McConnell, which is still in the works, and will be attached as an amendment to Reid's bill. The plan, from what we've heard, has a debt ceiling increase of up to $2.1 to $2.4 trillion, spending cuts of roughly $1.2 trillion over 10 years, and an enforcement trigger of spending cuts that will kick in if a bipartisan committee doesn't come up with entitlement and tax reforms this year.
Now that Reid's bill is down, here is what's next:
- TPM reports that according to a top Democratic aide, Reid, approving of the new plan or not, will likely work with McConnell to move it through Senate, with McConnell taking ownership of it.
- The hope is that, because the plan is bipartisan, there will be unanimous consent to expedite the process and avoid the 30 hour clock after the filibuster is broken.
- If it passes in the Senate, there is no guarantee if will succeed in the House, where John Boehner "has been having a brutally difficult time whipping votes for any debt limit bill" according to TPM. National Journal comments, similarly, that "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."