With the budget deficit deadline looming in the balance, the House has still not held a vote on the Budget Control Act. Realizing that the legislation lacked the support needed to pass the House, Speaker John Boehner (R-OH) decided to forgo the vote to work towards a piece of legislation that could pass the House and be sent over to the Senate for consideration. Early this afternoon the House Rules Committee met to report on a new rule (i.e. amendment that would be added to the Budget Control Act) that would make the debt limit increase contingent upon a balanced budget amendment passing both the House and Senate. Once the House debates and votes on the new Rule, they will take a final vote on the bill, which is expected to pass and be sent to the Senate for consideration sometime tomorrow.
With just a few days to go before the August 2nd deadline, it is safe to assume that both chambers will be working over the weekend to resolve this matter. Senate Democrats and Republicans are continuing to work on a bipartisan measure to increase the debt ceiling.