Stocks surge as Congress hatches fiscal deal

Senate Majority Leader Harry ReidHarry ReidThis obscure Senate rule could let VP Mike Pence fully repeal ObamaCare once and for all Sharron Angle to challenge GOP rep in Nevada Fox's Watters asks Trump whom he would fire: Baldwin, Schumer or Zucker MORE (D-Nev.) and Minority Leader Mitch McConnellMitch McConnellThe Memo: Winners and losers from the battle over health care GOP senators pitch alternatives after House pulls ObamaCare repeal bill Under pressure, Dems hold back Gorsuch support MORE (R-Ky.) huddled with their members on Capitol Hill and hammered out the final details of a deal that could gain congressional approval before the end of the day. 

Senate leaders indicated they would take the reins and vote first as GOP senators such as Ted CruzTed CruzHow 'Big Pharma' stifles pharmaceutical innovation AIPAC must reach out to President Trump Under pressure, Dems hold back Gorsuch support MORE of Texas said he would not stand in the way of quick passage.  

Speaker John BoehnerJohn BoehnerObamaCare gets new lease on life Ryan picks party over country by pushing healthcare bill The Hill's 12:30 Report MORE (R-Ohio) is expected to put the Senate agreement — extending the debt ceiling to Feb. 7 and opening the government until Jan. 15 — on the floor Wednesday.



"The Speaker will bring that bill to the House floor," Rep. Kevin BradyKevin BradyThe right approach to promoting competition in the health care marketplace GOP rushes to vote without knowing full impact of healthcare plan Overnight Healthcare: Trump threatens to leave ObamaCare in place if GOP bill fails MORE (R-Texas) told Bloomberg television Wednesday morning.

The bill will allow President Obama to retain his power to use so-called extraordinary measures to preserve the ability of the government to pay its bills once it reaches the debt limit. The Treasury Department told Congress in May that the nation had hit the debt limit and it would be implementing thos measures. 

The situation looked bleak on Tuesday night after House Republicans failed to garner enough votes for their latest plan, throwing the negotiations back to the Senate, where progress had been made earlier this week. 

The pending deal also would create a budget conference designed to find replacement cuts for sequestration. The group of chosen members would have to report back by mid-December.

The credit rater Fitch said on Tuesday that the United States is on watch for a possible downgrade.

This posted was updated at 12:50 p.m.