Scheduling

The House holds a critical vote on the Republican Budget Control Act, and the Senate watches for the result.

Members meet at noon for legislative work, and are expected to start with the rule for the budget bill, S. 627. After an hour of debate on the rule, two hours of debate start on the bill itself, controlled by the Rules, Ways and Means and Budget committees.

The House Rules Committee on Wednesday evening approved debate rules for the House Republicans' revised Budget Control Act, setting the stage for debate and vote on both the rule and the bill on Thursday.

The rule prohibits all amendments to the bill, S. 627. After an hour of debate and vote on the rule Thursday, the House will hold two hours of debate on the bill itself, and then vote.

Congress now has just a week left to find a way around the debt-ceiling crisis or face default, but there are still no signs of a compromise between the main negotiators, the House GOP and the Senate Democrats.

The House is still reworking its Budget Control Act after the Congressional Budget Office (CBO) said it only cuts $850 billion, not $1.2 trillion. A House vote is planned for Thursday, but with no sign of the reworked language as of Wednesday morning, that vote has the potential to be pushed to Friday.

The Senate is similarly poised to take up its own Budget Control Act, which would cut $2.7 trillion over 10 years, although Republicans say the real cuts would be far lower. The Senate has yet to file cloture on that bill.

Another possible hurdle to the Senate bill emerged Wednesday morning: The CBO said Senate Majority Leader Harry Reid's (D-Nev.) bill would actually cut only $2.2 trillion over 10 years, not $2.7 trillion.

House Republicans now plan a Thursday vote on their Budget Control Act, after the Congressional Budget Office said it would not save $1.2 trillion over 10 years, but only $850 billion.

That announcement prompted House Speaker John Boehner (R-Ohio) to rework his bill to make sure it meets the $1.2 trillion in cuts, which means the bill will not be ready for a planned Wednesday vote.

"As we speak, Congressional staff are looking at options to adjust the legislation to meet our pledge," Boehner Spokesman Michael Steel said earlier Tuesday.

Plans to hold the vote Thursday implies that House Republicans will put out a revised bill late Tuesday night, to meet their three-calendar day pledge. Under that pledge, a bill introduced anytime Tuesday can be considered on Thursday.

With just eight days remaining before the Treasury's Aug. 2 deadline, the House and Senate are moving on separate tracks for solving the debt-ceiling crisis, and as of this morning there were no signs they would work together on a joint proposal.

It might take House and Senate passage of the separate plans to prompt a compromise, and today, both bodies seemed to be moving in that direction.

House Republicans and Senate Democrats are working furiously early this week to come up with their own debt-ceiling proposals, with less than a week before the Aug. 2 deadline.

House Speaker John Boehner (R-Ohio) is expected to propose his own plan today, after his talks with the White House broke down on Friday. The GOP plan was expected to be made available today so the House could begin considering it by Wednesday.

All we know is, the deal will somehow involve House Speaker John Boehner (R-Ohio). If there is a deal.

Earlier Friday, it appeared that Boehner and President Obama would work out a debt ceiling agreement. The inability of the Senate to pass any legislation seemed to make this a natural fit.

The Senate meets at 9 a.m., and at 10 a.m. is expected to hold a "motion to proceed" vote on the House Republican "cut, cap and balance" plan. After the vote fails, Congress will have less than two weeks to reach a debt-ceiling agreement or risk a federal government default on its debt, and/or the inability to fund federal programs at their current level.

Voting against the motion to proceed on the "cut, cap and balance" bill is all but assured this morning. On Thursday, Senate Majority Leader Harry Reid (D-Nev.) called the bill "about as weak and senseless as anything that has ever come on this Senate floor," a sentiment other Democrats are likely to share.

The House meets at 10 a.m. for speeches and noon for legislative work, and is expected to start on H.R. 1315, the Consumer Financial Protection Safety and Soundness Improvement Act.

This bill would make it easier for the new Financial Stability Oversight Council (FSOC) to overrule regulations issued by the Consumer Financial Protection Bureau (CFPB). Both entities were created in last year's Dodd-Frank financial reform bill.

Very little is officially planned on the House and Senate floors today, as members continue to struggle toward a debt-ceiling agreement before Aug. 2.

The Senate appears to be the more important player right now, for three reasons. First, signs emerged on Tuesday that the Senate's Gang of Six negotiators might be closer to a combination of spending cuts and increased tax revenue that can find some support among Senate Republicans.