Stocks surge as Congress hatches fiscal deal

Senate Majority Leader Harry ReidHarry ReidSanders and Schumer are right: Ellison for DNC chair The Hill's 12:30 Report Hopes rise for law to expand access to experimental drugs MORE (D-Nev.) and Minority Leader Mitch McConnellMitch McConnellMarch is the biggest month for GOP in a decade This week: Trump makes first address to Congress Week ahead: Confirmation votes lined up for Energy, Interior picks 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 CruzTHE MEMO: Trump takes the fight to Congress Brietbart CEO reveals that Trump donors are part owners At CPAC, Trump lashes out at media MORE of Texas said he would not stand in the way of quick passage.  

Speaker John BoehnerJohn BoehnerMarch is the biggest month for GOP in a decade House markup of ObamaCare repeal bill up in the air Conservatives to Congress: Get moving 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 BradyGOP chairman: Tax reform will repeal limit on church political activity How to marry housing policy and tax reform for millions of Americans CPAC highlights include Trump, Pence 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.