It would raise the debt ceiling by $900 billion over the next few months, then by another $1.5 trillion early next year.
But key differences will make it hard for all Republicans to accept. For example, it does not require passage of a balanced-budget amendment to the Constitution.
Many Democrats are also unhappy with the deal, and House Minority Leader Nancy Pelosi (D-Calif.) in particular has withheld her judgment.
But the deal has three things going for it. First, no one likes it, which is usually a key to success in Washington (when people say "nobody likes this bill," it's usually to cover themselves ona bill that many are about to vote for). Secondly, the top Democrat (Obama) and Republican (BoehnerJohn BoehnerOvernight Finance: GOP makes its case for impeaching IRS chief | Clinton hits Trump over housing crash remarks | Ryan's big Puerto Rico win House GOP changes rules to thwart Dems Ryan secures big win with bipartisan Puerto Rico deal MORE) are for it.
And third, it's the only real option left to raise the debt ceiling by Tuesday, so a funny mix of Republicans and Democrats in both chambers can be expected to support it.
In the meantime, some light work is scheduled in the House as members prepare to bring the deal to the floor. The House meets at 10 a.m. for speeches and noon for legislative work, which consists of four suspension bills. They are:
H.R. 398, to amend the Immigration and Nationality Act to make it easier for people serving in the Armed Forces to apply for permanent-resident status.
H.R. 1933, to extend the entry of non-resident nurses when there is a health professional shortage.
H.R. 2480, to reauthorize the Administrative Conference of the United States (ACUS) through 2014. ACUS is an independent agency "dedicated to improving the administrative process through consensus-driven applied research, providing nonpartisan expert advice and recommendations for improvement of federal agency procedures."
And an unnumbered bill aimed at giving the Consumer Product Safety Commission more authority and discretion to enforce product safety laws.
The Senate meets at 10:30 a.m.