Stocks surge as Congress hatches fiscal deal

Senate Majority Leader Harry ReidHarry ReidCharles Koch thanks Harry Reid for helping his book sales Warren cautions Dems against infighting Dems see surge of new candidates MORE (D-Nev.) and Minority Leader Mitch McConnellMitch McConnellGOP senator: Don't expect Trump to 'have your back' on healthcare vote Senate Dems step up protests ahead of ObamaCare repeal vote Johnson becomes fourth GOP senator unwilling to proceed on healthcare bill 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 CruzFive takeaways from the CBO score on Senate ObamaCare bill Overnight Healthcare: CBO score imperils ObamaCare repeal | Breaking down the numbers | WH hits back over score | Trump phones holdouts | Dems plan floor protest New CBO analysis imperils GOP ObamaCare repeal MORE of Texas said he would not stand in the way of quick passage.  

Speaker John BoehnerJohn BoehnerRyan reminds lawmakers to be on time for votes Juan Williams: GOP fumbles on healthcare 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 BradyGOP chairman: More tax-reform hearings coming in July Overnight Finance: CBO finds 22M more uninsured under Senate health bill | GOP agrees ObamaCare taxes must go | Supreme Court to look at Dodd-Frank whistleblower protections | More tax reform hearings | Green light for partial travel ban | Highway Trust Fund in need of a long-term fix 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.