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Senate Votes Down Reid Bill, Awaits Obama/McConnell Spending-Cut-Only Debt Limit Bill

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Newscom

It remains to be seen whether Reid gives the final plan his blessing. But even if he doesn't, according to a top Democratic aide, he will likely work with McConnell to move it through Senate, with McConnell taking ownership of it.

Both Democratic and Republican aides are hoping the bipartisan nature of the plan means they can get unanimous consent to expedite the legislation -- to not have to run down a 30 hour clock after the filibuster is broken, as is often the case.

Assuming it can pass in the Senate, though, its prospects are wholly unclear in the House, where Speaker John Boehner has been having a brutally difficult time whipping votes for any debt limit bill, and where progressives will be reluctant to support any plan that virtually assures future entitlement cuts, but contains no guarantees of tax increases on wealthy Americans.