Boehner Proposal Will Get Vote
NEW YORK ( TheStreet) -- A vote on the debt deal sponsored by House Speaker John Boehner has been scheduled for 6 p.m., EST, according to press office for the House or Representatives.
The vote will come after Tea Party hardliners said they would support the bill if a balanced budget amendment was written into it.
A vote on the Boehner deal - which would allow for the debt cap to be raised by enough to cover federal spending obligations for a few months but would require a second vote to raise it again early next year - was due to go ahead yesterday, but was cancelled when the Republican House Speaker realized he did not have the backing of enough members of his party to carry the bill through the House.
Under the amended plan, the ceiling could only be raised for a second time after a balanced budget amendment passed both chambers of Congress and went to the states for ratification. A constitutional amendment requires the support of two thirds of the 50 states and a constitutional convention.Meanwhile, Democratic Senate Majority Leader Harry Reid has vowed to kill the re-worked Boehner legislation in favor of his own, rival debt plan if Boehner's measure wins the support of the House of Representatives and moves forward for Senate approval. Senator Reid has said he still has hope for a deal with Republican leaders. A spokesperson for the House of Representatives said the text of the Boehner bill had not yet been made available.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts