If things go as planned, sometime today the Senate will announce a deal to reopen the government and lift the debt ceiling.
Then: All eyes on the House of Representatives.
Analyst Greg Valliere at Potomac Research Group puts it succinctly:
BOTTOM LINE: The pivotal event in the next 48 hours will be in the House, where Boehner faces the biggest decision of his career. But even if a deal is done by late this week, another shutdown crisis will loom on Jan. 15, with a new debt ceiling deadline on Feb. 7. Our sense is that stocks can withstand this because the Fed will have to delay tapering amid the uncertainty — but global investors are watching this carefully, and real damage is occurring to the U.S. brand.
Boehner has to decide whether he’s going to anger the far right of his party and just push the bill through, or try to keep fighting. Again, this all assumes the Senate passes something.
Meanwhile, this is a great line from former Bush adviser Michael Gerson in the Washington Post. referring to what Boehner has to do:
But sometimes, it’s been said, the greatest courage is displayed in standing before a crowd and affirming that two plus two equals four — now the main Republican challenge. Political morality is determined not simply, or even mostly, by intentions, but rather by results. There is a virtue in achieving what is achievable — in actually making things better than they are.
Business Insider Emails & Alerts
Site highlights each day to your inbox.