The 2013 debt ceiling crisis and federal government shutdown are almost over.
House Speaker John Boehner has agreed to take up the Senate’s plan to raise the nation’s borrowing limit and reopen the government, National Review’s Robert Costa reports. Boehner will allow the bill to pass with mostly Democratic votes.
Rep. Kevin Brady (R-Texas) also told Bloomberg that Boehner will bring the Senate bill up for a vote.
Stocks are flying up on the news. The Dow was up 180 points in early trading.
There’s still the question of whether the final bill will be able to get to President Barack Obama’s desk by the Oct. 17 debt-ceiling deadline.
The House could take up the measure first, according to sources, which would remove some procedural obstacles and allow for quicker Senate passage. Senate Republicans have also been publicly urging Sen. Ted Cruz (R-Texas), the most likely senator to hold up passage of any Senate legislation, to relent and allow it to move quickly.
Senate Majority Leader Harry Reid and Minority Leader Mitch McConnell are close to a deal that would fund the government through mid-January and raise the debt ceiling through Feb. 7. It also will set up a budget conference that would end no later than Dec. 13.
A Democratic aide said the final deal will likely include an income-verification system for individuals and families receiving subsidies through the Affordable Care Act. But it won’t likely include a one-year delay in the law’s “reinsurance tax,” a provision that is designed to spread risk among insurers and stabilise premiums in the first three years of the law.
The aide also said that under the deal, the Treasury Department will still be able to use “extraordinary measures” to work around the debt ceiling in the case that it is not raised by Feb. 7. This was a key White House priority.
“Should be included and allowed,” the aide said.
Boehner’s final decision comes after a conservative revolt led to a blow up on House leadership’s plans to pass its own legislation on Tuesday. Conservatives did not think the legislation did enough to fundamentally change Obamacare.
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