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Senate close to deal on budget impasse, but will House pass it? (+video)

Talks about the government shutdown and debt limit have centered around the Senate recently, but any deal will have to pass a Republican-controlled House with a powerful tea party wing.

House To Vote Tuesday Night On Budget Bill
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The big story in Washington Monday was about lively efforts to strike a budget-and-debt deal to stave off a potential fiscal crisis. But the names in the headlines were President Obama and senators like Harry Reid, Mitch McConnell, and John McCain.

That raises an important question: With time ticking down toward an Oct. 17 deadline, will House Republicans including tea party enthusiasts climb aboard to help a deal happen?

If not, it could be a bumpy ride ahead for financial markets and the political system.

 

After all, for a “deal” to really work – to actually reach Mr. Obama’s desk for a signature – it needs to be approved by the Republican-controlled House as well as the Senate. There are essentially three paths forward for the House.

Path 1: compromise. In this scenario, most Republicans vote to support a bargain that raises the debt limit and funds the government, even though the plan may not include the kind of concessions from Democrats that they’d like.

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