Two amendments are from Sen. Rob PortmanRob PortmanOvernight Finance: Senators spar over Wall Street at SEC pick's hearing | New CBO score for ObamaCare bill | Agency signs off on Trump DC hotel lease GOP senators offer bill to require spending cuts with debt-limit hikes Vulnerable Senate Dem: Border tax concerning for agriculture MORE (R-Ohio). One would require a dollar in spending cuts for every dollar increase in the debt ceiling, the other would provide for automatic continuing resolutions if no appropriations bills were signed, thus avoiding the risk of government shutdowns.
After the Senate starts work at 9:30 a.m., it should finish one of the amendment votes shortly after noon.
Then, after a recess, the Senate will finish work on the rest of them starting shortly after 2 p.m., and hold a final passage vote after disposing of all amendments and a motion.
Assuming the bill is approved with no amendments, Senate passage will send the bill to President Obama for his signature. Once it's a law, the debt ceiling will be suspended through May 18, a delay that both sides hope will lead to some longer-term deal on the debt ceiling.
The bill would also put pressure on the House and Senate each to pass a budget resolution. Failure to do so by either chamber by April 15 would result in the withholding of pay for members of that chamber.