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Follow the Debt Drama, Play by Play

12:43 p.m. ET

The Senate passed the debt ceiling bill bya vote of 74 to 26.  Seven Democrats voted no as did 19 Republicans.

10:45 a.m. ET

A senior Senate Democratic leadership aide tells Fox News not to expect the "super committee" members to be named today.

It is unclear when they'll be named but the source says it won't be today.

8:38 a.m. ET

The Senate is poised to pass the debt limit bill at noon today and it should be smooth sailing. You'll hear speeches start at 9:30a.m., and the two leaders should wrap things up just before noon.

The Senate vote is expected to take about 15-20 minutes, with a 60-vote threshold for passage.

Tom Coburn -- who is a 'no'-- said Monday he predicts about 75 votes in favor of the plan. Most leadership aides think that's about right: 70-75 AYE's, with those on the wings voting it down.

It is unclear whether the new "super" committee will be named today.

-- Trish Turner

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August 1, 2011

8:14 p.m. ET

A House Democratic leadership aide tells Fox that Republican leaders reached out to Democrats, saying they needed some help from that side of the aisle. House Minority Whip Steny Hoyer (D-MD) then made some calls to shore up yeas on the Democratic front.

-- Chad Pergram 

7:10 p.m. ET

The House approves the bill to slash spending and raise the debt ceiling. The vote was 269 to 161. 

-- Chad Pergram

7:08 p.m. ET

Giffords votes yes

7:05 p.m. ET

Democratic aide expects Arizona Rep. Gabby Giffords to vote on the debt deal.

-- Chad Pergram

6:50 p.m. ET

The House of Representatives begins the vote on the debt ceiling.

-- Chad Pergram

6:45 p.m. ET

Democratic and Republican leadership aides expect a vote on the debt deal in the Senate on Tuesday morning, exact time to be determined.

-- Trish Turner

3:23 p.m. ET

U.S. Capitol Police say 22 people with the group National's Action were arrested and charged with disruption of Congress for a loud protest in the House chamber that disrupted the session.

They chanted "Boehner, get off of it. It's time to tax corporate profits" and "Boehner, Boehner, get a clue, it's about revenue." One protester was injured as she fell between the rows in the House chamber.

-- Chad Pergram

3:00 p.m. ET

The House begins debate on "rule" governing debate on debt bill.

The "rule" governs how they'll handle the debt bill when it hits the floor later this afternoon.

This debate is expected to run until a little bit after 4 p.m.

It is not accurate to describe this as being a vote "on the debt bill." But they are discussing the issue. This "rule" debate is usually feisty.

The next series of votes should begin a bit after 4 p.m.

-- Chad Pergram

12:59 p.m. ET

From Sen. John Kerry, D-Mass.

"I'm very supportive. We've got to get this done."

-- Trish Turner

12:53 p.m. ET

From Sen. John McCain, R-Ariz.

"I will support this and strongly support this. (bill)"

McCain says he's helping to get support for the measure despite the fact that on defense, he's "very concerned."

-- Trish Turner

12:48 p.m. ET

Expect final  House vote on the debt ceiling deal in the 6 p.m. hour

Here's what to expect the next few hours, after conversations with House floor staff.

The House will have a vote series on a group of unrelated bills around 1:30 or 2 p.m. this afternoon. These are "bedcheck votes," where they do their final whipping, assess who all is here and make sure they have the votes.

Expect that series to take at least 45 minutes.

So, let's just say they say they finish the first vote series at 2:30 p.m.

They will have an hour of debate on "the rule" which governs how they handle the bill on the floor. With slippage time, that gets to 3:45 p.m.

Then comes a vote series that takes at least a half hour until 4:15 p.m.

Then there is an hour of debate on the actual bill.

With slippage time, that moves to 5:45 p.m. and then a vote series with at least two votes in it.

The expectation is the vote to care about will be the second one, and under this clock (which is very subject to change), it would start around 6:10 p.m. and close before 6:30.

This is very subject to change.

But this is the early line with guidance from floor staff.

-- Chad Pergram

12:10 p.m. ET

Rules Committee Schedule -- Notice of Meeting

The Rules Committee will hold an emergency meeting at 1:10pm to craft the terms of the debate for the debt bill.

-- Chad Pergram

11:21 a.m. ET

House Speaker John Boehner, R-Ohio will make a statement to the press at 1:30 p.m.

-- Chad Pergram

11:16 a.m. ET

Vice President Biden as he entered the House Democratic Caucus meeting:

Q: What are you going to tell House Dems?

A: "I'm going to tell them it's a great day."

Q: Do you think it (the agreement) will pass the House?A: "That's up to them."

-- Trish Turner

10:22 a.m. ET

According to leadership sources, House Speaker John Boehner could take a S bill (a bill with special Senate privileges) and turn into a House message to the Senate.

They could also take the military appropriations bill that has already passed the Senate and send it back today.

House leadership wants to act quickly to pass the deal to get ahead of any potential credit downgrade.

However, House leaders are not going to move anything until they have the votes locked down.

When one source was asked when they'd do it, he responded "when we're ready."

-- Bret Baier and Chad Pergram

9:56 a.m. ET

The White House announced Vice President Biden is traveling to Capitol Hill to meet with the Senate and House Democratic Caucuses.

--White House press release

9:10 a.m. ET

Sen. Mike Lee, R-Utah, says he will vote no on the agreement but will agree to suspend rules that could slow the vote down.

-- Doug McKelway

9:01 a.m. ET

It's a 50-50 kind of day in the Senate.There could be a vote today on the debt deal, or there might not.

A vote would require a whole lot of cooperation though, from all the members. If someone wanted to make a loud, proud stand - what better time to do it, perhaps?

Bottom line -- much more will be known after each caucus meets behind closed doors with its leadership at 11a.m.

It isn't known whether they'll hold a press conference after the meetings.

There is a good chance enough members will sign on to the deal, albeit hesitantly (in ea party), and they'll get this done by tomorrow.One centrist GOP Senator - for instance - is concerned about defense cuts, but is very likely to vote yes.

The House could need the Senate to go first, especially if the Senate leadership, Republican & Democratic, can show a significant vote. It was a little like that with TARP when three-fourths of the Senate went along.

It is hoped that the House doesn't need one failed vote with this bill as it did with TARP. (Along with the precipitous fall of the Dow).

Senate leaders may speak opens up for business at 10:30 a.m.

-- Trish Turner

Aug. 1, 2011

1:15 a.m. ET

House releases the revised Budget Control Act of 2011

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July 31, 2011

10:21 p.m.

Some House GOPers note the leadership has given up on killing health care in this deal.

From one House Republican: "GOP has surrendered on implementation of Obama Care. All tax increases for it protected as revenue; and Medicaid (how people are brought under Obama Care) is walled off in sequestration."

-- Chad Pergram

10:14 p.m. ET:

Pelosi says she will look at what "level of support" Democrats can provide in order to pass the debt deal in the House.

House Republicans are going to need some Democratic support, perhaps anywhere from 60 to 90 democratic reps.

-- Chad Pergram

9:32 p.m. ET:

Source on the GOP call says no one on the conference call so far is opposed.

In fact I'm told that no callers on the call were opposed.

-- Chad Pergam

9:02 p.m. ET:

Boehner says deal "does not violate GOP principles...We got 98% of what we wanted."

Boehner also says during the GOP conference that it is time for the minority leader to "get on board."

--Chad Pergram

8:53 p.m. ET:

Boehner speech to GOP rank and file on conference call:

"The press has been filled with reports all day about an agreement. There's no agreement until we've talked to you. There is a framework in place that would cut spending by a larger amount than we raise the debt limit, and cap future spending to limit the growth of government. It would do so without any job-killing tax hikes. And it would also guarantee the American people the vote they have been denied in both chambers on a balanced budget amendment, while creating, I think, some new incentives for past opponents of a BBA to support it.

"My hope would be to file it and have it on the floor as soon as possible. I realize that's not ideal, and I apologize for it. But after I go through it, you'll realize it's pretty much the framework we've been operating in.

"Since Day One of this Congress, we've gone toe-to-toe with the Obama Administration and the Democrat-controlled Senate on behalf of our people we were sent here to represent.

"Remember how this all started: the White House demanded a 'clean' debt limit hike with no spending cuts and reforms attached. We stuck together, and frankly made them give up on that.

"Then they shifted to demanding a 'balanced' approach -- equal parts spending cuts and tax hikes. With this framework, they've given up on that, too.

"I'm gonna tell you, this has been a long battle -- we've fought valiantly -- and frankly we've done it by listening to the American people. And as a result, our framework is now on the table that will end this crisis in a manner that meets our principles of smaller government.

"Now listen, this isn't the greatest deal in the world. But it shows how much we've changed the terms of the debate in this town.

"There is nothing in this framework that violates our principles. It's all spending cuts. The White House bid to raise taxes has been shut down. And as I vowed back in May -- when everyone thought I was crazy for saying it -- every dollar of debt limit increase will be matched by more than a dollar of spending cuts. And in doing this, we've stopping a job-killing national default that none of us wanted."

7:16 p.m. ET:

Reid in McConnell's office. Reid emerged and says, "We're still not finished. We're working hard, though."

--Trish Turner

7:05 p.m. ET:

Repubs are trying to get the defense part of the "enforcement mechanism" - or "trigger" -- reduced from roughly 50/50 (w/ Medicare).

Seems they cant possibly change this mix. The other thing causing problems now: the allocations for spending for FY2012. These are REAL cuts. One GOP aide said, "It's a delicate balancing act here."

We're just talking top-line numbers --- not the nitty-gritty, but these numbers are highly important -- especially considering that the House and Senate are not likely to agree on a more detailed budget.

Bottom line --- we're not there yet.

--Trish Turner

5:51 p.m. ET:

The Congressional Black Caucus and the Congressional Progressive Caucus will hold a presser at 11 a.m. in Studio A of the Capitol to implore President Obama to invoke the 14th Amendment to avoid the debt crisis.

"They don't want to vote for anything else," says a CBC spokeswoman.

4:46 p.m. ET:

Just caught Reid, Durbin, Schumer, Murray coming out of Pelosi's office. Reid on cam says "We hope to" when asked if they will get a deal tonight and if they will vote tonight.

--Trish Turner

3:58 p.m. ET:

Many conservative, Tea Party-backed House members oppose the proposed "deal."

Sort of a composite here from several conversations with conservative Republicans.

Most doubt they could support this deal because it resembles Boehner I, and that was the trouble Tuesday-Thursday last week.

However, one member indicated he thought they had the votes for this.

But...

As one tea party-supported member said to me, it depends what Pelosi will do and whether she will tell her caucus to support it or not.

--Chad Pergram

3:15 p.m. ET:

Things are very fluid here, but at the moment, Senate Dems are preparing to meet behind closed doors at 4 p.m. This COULD be cancelled if a deal is not far enough along.

2:05 p.m. ET:

Sen. Durbin says furious negotiations are going on behind the scenes w/ Biden deeply involved, along w/ Reid, Pelosi. WH will call Reid, for instance, and say, "We're considering this. What do you think?

While it SEEMS unlikely, Durbin would NOT rule out a vote Sunday night.

--Trish Turner

1:35 p.m. ET:

The vote to advance Democratic debt plan fails in Senate as negotiators push to draft compromise.

1:18 p.m. ET:

Senior administration official says Vice President Joe Biden has been working the phones for most of the morning, but there are several issues still not resolved. A second senior official added that any questions about whether Obama will make a public statement this afternoon is "putting the cart before the horse" because the framework is just not final yet.

--Ed Henry

1:10 p.m. ET:

A missive from Speaker Boehner to rank-and-file Republicans identifies 'serious issues.'

"Discussions are underway on legislation that will cut government spending more than it increases the debt limit, and advance the cause of the balanced budget amendment, without job-killing tax hikes. Those talks are moving in the right direction, but serious issues remain. And no agreement will be final until Members have a chance to weigh in. I would expect a conference call for Members later this afternoon." Speaker Boehner

-- Chad Pergram

12:23 p.m. ET:

GOP senators have just been told they'll all gather behind closed doors for a mtg at 1:45PM. 

This is McConnell's time to update his members on where things stand.

-- Trish Turner

12:09 p.m. ET:

Reid says he's spoken w/ Biden 2 times already today.

Reading between the lines -- he's not happy. He's also anxious for it to be seen that he WON the fight over short term vs. long term extension of the debt ceiling. Essentially - he's right. Resolution of disapproval has no teeth - Obama will get the increase. 

Reid says 1pm vote still on.

-- Trish Turner

10:52 a.m. ET:

And it probably goes w/o saying - but I will: Reid will LOSE this cloture vote. Boehner's underlying bill (not the compromise) would still be there as a vehicle. The "deal", when/if reached, will be introduced in the form of an amendment. 

You can bet aides are working their fingers off writing the legislative language. UNCLEAR what happens procedurally. 

They COULD just agree to hold ONE VOTE on the whole shebang -- setting a 60-vote threshold. Then send back to House.

OR --- Reid might have to jump thru the procedural hoops. Cloture filed today for a Tuesday vote. TOUGH to do that now and have time to get thru House.

We'll see. Very fluid right now.

-- Trish Turner

10:46 a.m. ET:

Even though lawmakers and the WH are closing in on a deal, Reid aides indicate the 1pm cloture vote on HIS plan is still on. He needs the consent of all 100 members to scrap this vote. It's possible some won't let him do it. It's also possible some Dems want to vote for what they really want.

Should know something in the next hour.

Clearly, at some point, we're going to see the various caucuses meet so the deal can be described to them.

Right now, nothing is planned.

More as I get it...

-- Trish Turner

10:43 a.m. ET:

The bottom line here on a "deal" is that the GOP (especially in the House) has to take the temperature of the rank and file and see where they are.

Remember, they will have a lot of folks bolt, ala what happened Tuesday and Thursday nights last week.

Secondly, once they assess where they are, then they can reach across the aisle for Democratic support.

That's where the power of the presidency as "chief whip in Congress" comes in. This will be a big lift for House Minority Whip Steny Hoyer, D-Md., potentially more challenging than the problem faving House Majority Whip Kevin McCarthy, R-Calif.

That's because Democrats don't want to carry the GOP's water on this.

Furthermore, there is peril for the Republicans here, too. Especially House Speaker John Boehner. Can he really move a deal that secures less than half of the support of his conference? What does that say to rank and file about his leadership when someone like McCarthy or House Majority Leader Eric Cantor, R-Va., would have never done that.

When it gets down to the vote counting, this is FAR from over. Which was always the problem in the first place.

-- Chad Pergram

9:33 a.m. ET:

From senior GOP official close to the talks: McConnell spoke to WH officials numerous times yesterday. Negotiations went well into the night. Staff may have worked around the clock.

Deal is STILL tentative. Working on sequestration part of the trigger.Essentially it's the Boehner two step plan with a modified trigger.

It's $2.1 to $2.4 trillion depending on the trigger. $900b in first tranche. Resolution of disapproval for both tranches. Obama gets $100b right away (this from original McConnell fallback plan).

Cmte reports by Thanksgiving; House and Senate must take action by Dec 23rd. If not -- then trigger (punishment).

Sequestration (Treasury goes after$1.2t across board cuts - also looking to Medicare and Defense as part of it).

SPECIAL JOINT CMTE WORKCmte looks for minimum of $1.5t (they COULD find revenue - poss thru tax reform - BUT cmte would deadlock if not revenue neutral). IF they agree and Sen and House approve package, $1.5t is released. Vote in both chambers is SIMPLE MAJORITY!

Both houses to vote on Balanced Budget Amendment.

-- Trish Turner

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