(CNN) - There’s a deal! After a whirlwind couple of days of political jockeying, Senate leaders announced the final terms of a bipartisan compromise to reopen the government and raise the debt limit.
Here’s what you need to know:
Up to Speed
Wednesday afternoon. Senators are reading the proposal, and House Republicans and Democrats met separately to review it and consider next steps.
Both the Senate and the House are now expected to take it up on Wednesday evening, but it’s anyone’s guess when they might finish their work.
Live blog: Shutdown Day 16
President Barack Obama praised the Senate compromise and urged quick action in Congress with the government’s authority to raise money set to expire on Thursday.
The stock market responded positively, jumping by 200 points around noon before settling back a bit as Washington appeared to be pulling back from the fiscal brink. But businesses are blaming the Washington tumult for holding back hiring, according to a new survey.
The Senate deal would:
Reopen the government, funding it until January 15.
It also would raise the debt limit until February 7 to avert a possible default on U.S. debt obligations for the first time.
Also, the White House supports a provision in the deal that strengthens verification measures for people getting subsidies under Obamacare.
In addition, the Senate agreement would set up budget negotiations between the House and Senate for a long-term spending plan.
Cruz won't block vote in Senate - even though he opposes deal
What this means
But how would a Senate plan, which was quickly vocally rejected by House Republicans, pass the House? CNN’s John King explains: “If you get a scenario where the Senate sends over a plan and Speaker Boehner brings it to the floor and lets the full majority, 435 members of the House rule, most of the House Republicans can vote no.”
Rep. Charlie Dent, R-Pennsylvania, said as much on Tuesday night on CNN.
“I believe that John Boehner will likely be in a position where he will have to essentially pass the bill that is negotiated between senators McConnell and Reid. And I believe the house would first pass it then send it to the senate,” Dent said.
Debt deadline decoded
Many Americans, unfortunately, live paycheck to paycheck. Now it looks like the United States of America is doing the same.
On Thursday, the nation’s treasurer runs out of his ability to confidently pay all our bills. An Obama administration official told CNN’s Brianna Keilar that the markets will remain calm as long as a resolution is nearing completion. But if there is still chaos...
That statement gives debt deniers more reason to doubt. Rep. Steve King, R-Iowa, who said on CNN’s ‘New Day’ that it was a day simply “picked on a calendar.”
CNN’s Richard Quest responded to the debt deniers. “Why would you want to risk it?” Quest asked.
Quest also reminded people why the debt ceiling matters: “The United States is at the core of the global economy and the bond market is at the core of the core. U.S. Treasuries, U.S. debt is in every portfolio, pension fund, used by the banks to trade between each other. You are literally talking about the glue that is holding the financial world together.”
Meanwhile, ratings agency Fitch said that it may downgrade the country's AAA credit rating to AA+ over the political brinksmanship.
10:00 a.m.: House is in session LIVE House in session
12:00 p.m.: Senate is in session
2:00 p.m.: Defense Secretary Leon Panetta talks about the debt limit
2:25 p.m.: President Obama meets with Treasury Secretary Jack Lew
By the Numbers
Moody’s economist Mark Zandi said the government shutdown has cost $20 billion so far. Here’s what that could have paid for:
2: weeks of unemployment insurance:
94: Percent of state national park requests
8: years of capital funding for airports
2: years of school lunch program
33: Percent of the country’s annual expenditure on food stamps
50: Percent of annual Pell Grants
392,000: Number of household salaries at the $51,017 median household income
Yep, it’s still the law. But for the first time the President addressed the website glitches. In an interview with KCCI, Obama said it “has had way more glitches than I think are acceptable and we've got people working around the clock to do that.”
The state of North Carolina has suspended two benefits program for low-income people. The state is not accepting any new applications for a family cash assistance program called “Work First,” impacting about 20,000 North Carolinians, most of them children. A separate monetary assistance and health benefits program for refugees has also been suspended.
"What else old Gunderson need know?"
How to read a book on American history? The details of any public policy? When to realize your schtick isn't funny? Shall I go on?
"what else old Gunderson need know?"
How not to talk like an infant.
@The Real Tom Paine
We have become a society of instant gratification, one that prides itself on emotional responses rather than carefully considering all sources of information before proceeding. The posts on here are perfect examples of that, and I am certainly guilty of having caved towards whatever viewpoint I might be predisposed towards, rather than thinking thing through. Its a pity that such a basic necessity as health insurance has become a subject where people cleave on way or the other. Is there a perfect solution? No. Can we trust the insureres to do things that are in our best interest? Not at all. Should we rely on teh government to run every aspect of our lives with this? Absolutely not. Will we be better off by comforting ourselves with ideology, rather than solving the problem? Definitely not. People need to climb off of the barricades, and start having a real conversation, one that is not filled with assigning blame or accusing people of engaging in anti-social behavior. A society that works is one where it is a collagborative procvess, where ALL contribute. We don't have the luxury of opting out because we don't like who is in charge, or that inconvenient facts like cost are being ignored. Its all, or nothing: do we really want nothing?
"""Shutdown showdown Day 16: What you need to know"""
Answer: the only thing the people need to know is the fact that the whole world isn't going to come to an end, on Oct 17th....we can wait till November 1st, then lets see where they are at..... I'll bet the ultra right wingers will scare a little more easily, by then... and will end up going with their Speaker in chief...whatever the Senate brings ON.
"You know what, you're right. Dems know everything [etc]
What are you even ranting about? Nowhere in anything I posted did I suggest this has anything to do with "majority rules" or some strange notion that the minority shouldn't be heard or allowed to contribute. My point is that the minority shouldn't be LYING, which is what they've been doing non-stop in order to instill fear and confusion and outrage in as many people as possible. Nice job avoiding the issue just so you could howl about something else.
I've never said it was their only reason. It's certainly one of them though. I have no problem saying that. It's high on their list too.
But Sniffit said earlier:
The House Republicans just don't get it....they are willing to shut down everything for what?"
For what? There's a black Dem in the WH. Period.
Seems pretty definitive to me. You even put a "period" at the end of that and dismissed it with "next question".
Funny how you seemed to avoid this one, champ.
Too bad it was about two different things...shutting down the gov't and destroying the ACA. Your mix 'n match is a dishonest trick.
"Seems pretty definitive to me. You even put a "period" at the end of that and dismissed it with "next question".
Funny how you seemed to avoid this one, champ."
Too bad it was about two different things...shutting down the gov't versus destroying the ACA. Your mix 'n match is dishonest.
@ Gunderson "what else old Gunderson need know?"
Actually you make a very good point. Your 2 dimensional sound bite cartoon-speak is exactly what conservatives have come to depend on. They wave the flag and possibly a cross, say "Sky is Blue! Rain Falls! So Obama bad." and many Tea-Sheep will follow.
A True Conservative
I'm geting a kick out the comments about the "party of no". It appears that both parties are the party of no. Obama and company appear to want to rule by dictate –
Perhaps you could enlighten us and show where in the Constitution what the Republicans are doing is set forth as proper?
"Guy" is just SoCal thing we bros say to each other. No offense, at least on that score, was intended.
But I dispute that President "drove us apart". I don't require Obama's prompting to disagree with a conservative. And what's all this about "driving us apart"? We were "together"? Why am I getting that old "I'm not going to be IGNORED, Dan!" feeling?
NEWS FLASH: American Democracy seems to have survived a Radical Group of Anarchists in the House of Representative determined to destroy the age old process of legislating.The whole Country took some hits from their childish temper tantrums& they may have done some permanent damage to America worldwide, but in the end, those with higher goals than their own political skin & righteous ideologue prevailed.
"We were "together"? "
Oh yes....everything was peachy keen, bronies and rainbows, unicorns and flowers raining from heaven...all until November 4, 2008 when....
...one party swore a blood oath to destroy the duly elected POTUS and oppose him in all things no matter what.
More Examples Of Tea Party Hypocrisy: Talking Out Of Both Sides Of The Mouth
The left mouth flap blames the government shutdown solely on the Democrats and Pres. Obama. Meanwhile, the right mouth flap makes the claim that the Tea Party has the "constitutional authority because we control the purse strings" to force Democrats into re-negotiating a budget, and election results mind you, solely to the right wing's liking
"What's ironic with your "majority rules" is that if we functiioned like that in our history then minorities would never have the equality that they have today. If they just had to "shut up" and not be heard, where would we be?"
What's funny is that you seem to have completely forgotten that most of the civil rights laws passed in the 1960s were presaged by landmark decisions by the United States Supreme Court.
"Nice try, but we gotcha once again."
"Obama and company appear to want to rule by dictate –"
Yeah, "rule by dictate" is what someone is doing when they say "you want to make some cuts, but I want them to be balanced somewhat by revenues from getting rid of unnecessary tax loopholes and deductions." Oh wait....sorry...got that mixed up for a sec...rule by dictate is the part when the other people say "no, you will make cuts and there will be zero revenues or tax reforms because it's our way of the highway. Now, excuse us while we shut down the gov't and threaten to default the nation on its debts in an attempt to force you to comply with our demands."
Graham has already promised that "we'll be doing this again in a couple months."
-A True Conservative
I'm geting a kick out the comments about the "party of no". It appears that both parties are the party of no. Obama and company appear to want to rule by dictate – the Republicans want to at least sit down and negotiate. Funny, I thought that was how a Constitutional Republic worked vs a pure democracy....too bad all of the legal scholars in the Congress and the Administration seem to have skipped that class...
17 times Cruz and his band of Merry Pranksters shot down the idea of a House-Senate conference to discuss and negotiate these issues. Now, how is it that you ignore that very well-known fact, and yet try to paint the Democrats as the " Party of No"? Its also very interesting that you specifically blame them while the GOP to a high-risk gambit to do nothing more than raise money off the gullible and uniformed GOP base. That's all this was, folks, an attempt to put the Tea party into the driver's seat for the GOP nomination in 2016. Don't you get tired of being played?
Now Old Gunderson understand. Liberal's looking for Entertainment Director for Titanic. Big Show Coming. ICE FOLLIES TODAY
Old Gunderson miss understand. Liberal's look for new Entertainment Director for Titanic. Special Show Today. ICE FOLLIES. One day only. Followed by Re-Enactment of Rome Burning and Fiddle Lessons! Signup Main Ball Room.
Too bad it was about two different things...shutting down the gov't versus destroying the ACA. Your mix 'n match is dishonest.
You'd better watch it, Sniffit: one person/persons thinks you're pompous.
may I quote bill clinton: "it's the economy stupid." tea baggers should be sued for the cost of this shut down and have to pay the people of america back