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Senate Reaches a Deal on Debt Limit

Fox News, CNN and other news organizations are reporting that a deal has been reached in the Senate to resolve the shutdown and debt ceiling battle that has been raging for the past couple weeks.

The framework on the Senate side would raise the debt ceiling through Feb. 7, and include a spending bill meant to last through Jan. 15. The plan would not include any provision relating to the ObamaCare medical device tax, as prior plans did; instead it would include a single provision meant to verify the income of those receiving ObamaCare subsidies. It would also instruct a bipartisan budget committee to report back on a broader plan by mid-December.

Reports also indicate that House Speaker John Boehner would allow a vote on the Senate bill. If he allows this, it would signal a surrender from the GOP and a defeat for Boehner, as the bill is likely not to include any substantial changes to Obamacare, and may not get the support of a majority of Republicans on the floor. To pass the deal Boehner may need substantial support from House Democrats.

"Boehner will need Pelosi votes," said one senior Democratic aide, familiar with what he described as the cross-party negotiations that have been occurring Wednesday morning.

"Not sure she'll give them, but I imagine she will."

Full details on the Senate compromise will be announced this afternoon. A vote will likely follow and is anticipated to pass with enough support that the final bill will be sent to the House.