There has been considerable movement in talks between House Republicans and the White House on the debt ceiling over the last 24 hours. There is no definite deal yet, but the wheels are moving.
House Republicans, led by Speaker John Boehner (R-OH) and Majority Leader Eric Cantor (R-VA), have floated the idea of a six-week debt ceiling increase, which conservative groups have indicated they will not oppose and which the White House has said that President Barack Obama would “likely” sign.
Senate, however, is still pushing forward on a long-term debt ceiling increase. Majority Leader Harry Reid (D-NV) will hold a vote tomorrow on one-year, $1 trillion dollar increase. Senate Republicans, led by Sen. Susan Collins (R-ME) and other moderate Republicans, are working with some Democrats to repeal ObamaCare’s medical device tax and subsidy verification requirements as part of the debt ceiling deal. This potential deal would also give the Obama Administration flexibility on sequester cuts.