The general sense here is that they would hope to have some sort of a concrete path forward by the end of the weekend.
There are two sets pressures here.
First, remember that everyone on the House side went dark yesterday afternoon until the markets closed. Such an announcement like Boehner's yesterday afternoon during the trading session would have made the market go bonkers, to say nothing of Asia Sunday night.
That's the first set of pressures. In other words, if they are able to forge an outline by Sunday night, that could avert a selloff in Asia and potentially keep the credit ratings folks at bay for a couple of more days.
Remember, during the S&P meeting convened Thursday by Rep. Nan Hayworth, R-N.Y, the credit agency folks warned they could downgrade before August 2 and even if there is a deal.
A framework could avert a selloff of the Dow on Monday.
Remember, everyone up here remains spooked from that infamous TARP vote that failed in September, 2008 where the market plunged 777 points for the day, and nearly 700 during the vote. It was the largest one-day drop in Dow history.
Secondly, there are operational requirements here on Capitol Hill. First, to avoid a default, the House really needs to have specific ideas if not bill text by Monday.
House Speaker John Boehner, R-Ohio, has indicated before that Wednesday is really the goal here. So, to adhere to the so-called "three-day rule," the House needs to present bill text by 11:59:59 pm Monday to allow them to consider legislation Wednesday.
Secondly, it will take a while to whip this vote (if there is to be one) and make sure they satisfy all of the demands of the GOP and ensure that everyone is on the same page.
Tea party and conservative lawmakers still feel burned by the process on the CR averting a government shutdown. They didn't think they had enough information and still didn't think the bill cut enough. That's why they lost 59 Republicans on that vote. Losing that many on this vote means that they need help from Democrats. The Republicans can only lost 23 of their own before they need Democratic support to approve something.
Finally, don't forget things always take longer in the Senate with the various cloture clocks that would start running there to avert a possible filibuster.
But regardless, they have to reach an agreement. And so far, they appear far away on that.
Kimberly Schwandt 24 Jul, 2011
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Source: http://politics.blogs.foxnews.com/2011/07/23/weekend-hitchhikers-guide-debt-ceiling
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