On Saturday, the House of Representatives rejected Senate Majority Leader Harry Reid's proposal to hike the debt limit, 246 to 173, with 11 Democrats voting against it.
The vote was expected, and was held to demonstrate that Reid's plan can't pass the House, just as last night the Democratic-controlled Senate rejected House Speaker John Boehner's plan to hike the debt limit last night to show it can't pass the Senate.
At 1 am, Reid's bill will face a cloture vote in the Senate, where it is expected to fail to reach the 60 vote threshold, because 43 Senate Republicans have already signed a letter opposing it.
So where does that leave us? Ultimately, Reid, Boehner and Senate Minority Leader Mitch McConnell, R-Ky., will have to hash out some sort of compromise that can pass both chambers.
Right now, Reid and House Minority Leader Nancy Pelosi, D-Calif., are heading to the White House to meet with President Obama.
House Majority Leader Eric Cantor, R.-Va., announced that the House wouldn't meet for legislative business tomorrow but would remain open in a “pro forma” session. He advised members to stay near Washington, DC to be ready to vote on a few hours notice.