For those holding their breath over the debt crisis, Sunday night brought some positive news.
Around 8:30pm the chief Senate Democrat Harry Reid and his Republican counterpart Mitch McConnell hit the chamber floor to announce they had reached a deal in principle. Now they just need to sell it to their members. The Senate is due to reconvene at 10:30am Monday with a view to taking a vote in the following hours.
But don’t let out that sigh of relief just yet. Here’s why:
Even if the bill passes the Senate it still has to make its way through the House. Speaker John Boehner provided the GOP caucus with a power-point presentation to try to sell them on the plan. However, he faces a sizable conservative rump that is still unsatisfied, largely because of concerns about defense cuts and the now-downgraded (and ludicrous) Balanced Budget Amendment.
On the other side of the aisle, House Minority Leader Nancy Pelosi has to hand her Democrats a plan that many regard as an utter capitulation to the Republicans. A progressive backlash is already underway. The bill has until Tuesday to clear both chambers and land on the President’s desk.
It’s been a remarkable few hours, but this thing ain’t over yet. Keep holding that breath.
Thomas Lane
Thomas Lane is an associate editor at Talking Points Memo. He previously produced and reported for the BBC from its UN Bureau in New York. He is a dual citizen of the US and the UK.