The Senate is set to vote soon on a measure to suspend the debt ceiling through May 18. The bill passed the House of Representatives last week with strong bipartisan support.
Indications are that it will pass through the Democratic-controlled Senate unamended. Republican Sens. Rob Portman, Pat Toomey and Rand Paul will introduce amendments that are expected to fail.
President Barack Obama has indicated that he will sign the bill if it reaches his desk.
The legislation also attaches a provision aimed at forcing Senate Democrats to take up a budget for the first time in four years. If they do not, a "no budget, no pay" provision would withhold pay for members.
The debt-ceiling bill is that it is not technically a clean hike in the nation's debt limit. It's a suspension of the debt ceiling for a certain time period. On May 19, the debt limit will be raised by an amount "necessary to fund commitment incurred by the Federal Government that required payment." The Bipartisan Policy Center estimates that number will be around $450 billion.
If it passes and is signed into law quickly, it could delay the next potential debt-ceiling fight until August.
UPDATE (2:43 p.m. ET): A Senate Democratic aide emails on the process. There are still three more amendment votes (all expected to fail) before final passage. Vote on passage should come within an hour.
UPDATE (3:39): Senate is voting now on the debt ceiling measure itself after all amendments fail.
Check back here for updates...
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