TEXT: Updated Budget Control Act (As of 1:45 a.m., August 1)

By Dan Friedman

Updated: August 1, 2011 | 9:01 a.m.
August 1, 2011 | 7:14 a.m.

WASHINGTON, DC - MARCH 20: Rep. David Dreier (R-CA), ranking member of the House Committee on Rules, listens to testimony during a meeting of the committee on Capitol Hill onMarch 20, 2010, in Washington, DC. The Committee on Rules will determine how the pending health care legislation will advance through the vote in the House of Representatives. (Photo by Joshua Roberts/Getty Images) (Joshua Roberts/Getty Images)

The House Rules Committee posted the text of the compromise bill early Monday morning. Rules Committee spokeswoman Jo Maney said a Rules Committee hearing, required before the House can vote on the measure is not yet scheduled “but one could happen at some point today.”

Senate Democratic aides said Sunday that the Senate would tentatively make the first move on the new measure. Democrats hope to reach a unanimous consent deal that will allow passage of the bill with a 60-vote threshold as soon as today. Any senator could prevent such an agreement, causing the Senate to miss the Treasury deadline of the end of the day Tuesday for enactment of a debt-ceiling increase, but Senate conservatives may be ready to agree to quick vote as long as 60 votes are required for passage, a deal Senate Democrats, confident of passage with both party leaders behind the measure, will gladly take.

The text below can be downloaded as a PDF here.

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