Here's What You Need to Know About the Latest Debt Deal Out Of the House

Here's What You Need to Know About the Latest Debt Deal Out Of the House

The House of Representatives has unveiled its latest plan to reopen the federal government and raise the debt ceiling to avoid default. It comes after a tumultuous morning that saw a Senate deal floated but ultimately tabled and a rumor that the House would vote and then leave Washington, leaving Obama little time to negotiate.  

The key points in the House's plan, which it could vote on tonight, include:

1. Reopening and funding the federal government through Dec. 15

2. Raise the debt ceiling through Feb. 7

3. Prohibit the U.S. Treasury from taking "extraordinary measures" to avoid default

4. Prohibit members of Congress and their staffers from receiving health insurance subsidies

It is, however, still unclear whether this bill can even pass the House. Leadership is busy wrangling votes with an informal whip, and Heritage Action has urged Republican members to vote no. Reports out of the House point to a canceled vote for tonight. In his meeting with Democratic leaders, President Barack Obama said he would veto any plan that included cuts for congressional staff health subsidies. On top of all that, Congressional staffers can't be too pleased with their bosses' plan to essentially cut their pay:


Read the full text of the House bill here.