This is the final deal Reid and McConnell negotiated:
The government will be funded until January 15. The debt ceiling is raised until February 7.
There will be income verification for those getting subsidies under Obamacare.
There will be yet another committee appointed to negotiate a budget for the rest of the fiscal year that ends September 30, 2014. It must report back by December 13. Good luck with that.
Treasury is allowed to use “extraordinary measures” to delay hitting the new debt ceiling. They’ve been using such measures this time around since May, when they technically ran out of money.
Agency heads don’t have flexibility to move money around to deal with the sequester.
The Senate will vote first. Boehner has indicated he will bring it to the floor of the House even if it’s not supported by a majority of the GOP majority. We should be able to get both houses to vote and the Prez to sign by midnight.
The most important provision (besides not defaulting) is that it is requiring the House to appoint conferees to the budget negotiations. Even though both chambers have passed budgets Boehner has resisted appointing any House Republican to the conference committee. If I understand the regular budget process (it has been a long time since it has been used) I don’t think the House Republicans on the committee can prevent the conference from reconciling their two budgets. Since the Senate Republicans are not likely to want a repeat performance they will want to reach a budget compromise. Once the conference committee reports out a reconciled budget both chambers must take an up or down vote. The Senate cannot filibuster and the speaker cannot prevent the bill from going to the floor.