That rule is closed, meaning no amendments can be proposed when the bill is on the floor Wednesday. It allow for an hour of debate, and one Democratic "motion to recommit."
Under the bill, the government could continue running up debt through May 18, without naming a precise debt ceiling throughout that time. The current debt limit is about $16.4 trillion, and the U.S. has already bumped up against this ceiling.
Republicans are hoping the time between now and mid-May can be used to reach some agreement on deficit reduction. Part of that plan is requiring the Senate to pass a budget — if either chamber fails to pass a budget by April 15, members of that chamber would have their pay withheld.
That element of the bill gives it its name, the No Budget, No Pay Act.
Signs emerged Tuesday that the bill will sail through Congress and be signed by the White House. The Obama administration released a statement that did not say Obama would veto the bill.
Instead, the administration seemed pleased that the bill would not immediately demand cuts to various entitlement programs.
Other Democrats indicated they feel about the same way — that while they would prefer a clean debt-ceiling extension, the GOP measure gets close and is not something they would necessarily oppose.
The House adjourned at about 5 p.m. Tuesday, and it will start Wednesday morning at about 9 a.m. by approving the rule for the bill.