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.

More from Rates and Bonds

What's Driving the 10-Year Yield to Historic Levels This Week?

What's Driving the 10-Year Yield to Historic Levels This Week?

U.S. Economy Added 103,000 Jobs in March, Missing Projections

U.S. Economy Added 103,000 Jobs in March, Missing Projections

U.S. Economy Seen Adding Jobs at 'Goldilocks' Pace For Stock Investors

U.S. Economy Seen Adding Jobs at 'Goldilocks' Pace For Stock Investors

Borrowing Costs Surge to Nearly 9-Year High Amid Changing Money Markets

Borrowing Costs Surge to Nearly 9-Year High Amid Changing Money Markets

3 Big Takeaways From Fed Chairman Jerome Powell's First FOMC Meeting

3 Big Takeaways From Fed Chairman Jerome Powell's First FOMC Meeting