Senate Preparing Fiscal Deal as House Plan Falters

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Oct. 16 (Bloomberg) -- Bloomberg News White House correspondent Phil Mattingly updates the latest news from Capitol Hill on a search for an agreement to avert breaching the debt ceiling. He speaks on Bloomberg Television’s “Bloomberg Surveillance.”

Government hurtles toward the debt ceiling deadline and senate leaders are looking to lockdown agreement after house republicans latest latest plan to avert default collapsed.

Phil mattingly was on the hill late last night and now joins us right and early from washington.

How quickly can things move today?

What senate aides tell us as they are close to a deal that should be rolled out this morning.

Then it comes to the procedural issues.

What happened yesterday was a lot of running in place.

It was good on one level -- the house had to give it it's shot and speaker john boehner had to put a proposal together either now or later in the process.

It is probably better that they tried yesterday and failed and that opens the door for the senate to move today.

We will see how many senators are willing to go along and that will determine how quickly they can move this deal forward.

Peter cook sat down yesterday with house minority leader nancy pelosi about a potential bipartisan solution to the talks.

There is a path, a bipartisan path put forward by the senate and we should join.

I asked the speaker to take up that bill now and bring it to the senate and it will be on the president desk in no time.

Will speaker john benner allow the senate to vote on that ill?

That's why everyone looks at yesterday as a positive.

He gave these guys a shot and said we are going to send something over and if you want to be in the negotiations, we had to put something on the table and they failed.

Top aides tell me in the house they think what he is going to end up having to do is take up the senate plan.

There is a chance they could have it.

Pi --vot.

It looks like the senate plan is the path forward.

To headlines this morning.

How fragile is his speakership this morning?

People close to john boehner feel comfortable he is not going anywhere.

The bigger issue is if the senate deal comes through, we are about to head into a touch of conference where they have a deadline in mid-december.

Why does anybody feel they have to listen to the house?

The house cannot bring anything to the table and they will send in paul ryan to negotiate on big picture issues like entitlements and tax reform.

Nobody feels like the house can actually bring the weight to the table to play in these negotiations.

The white house and senate democrats don't feel like they have to include him on talks anymore.

Let's take it back over to the senate -- ted cruz has been the guy holding things up for a while and he could put a hold on this and delay senate passage.

What do we know about his plans?

He is very quiet and did not show up at senate lunches yesterday where the senate republicans were meeting to talk.

Everybody is waiting to see.

If he decides to object, if he and mike lee object, we go past the deadline.

If he has decided that he has done all he can do, he has made his position on and he has gotten the support he will get, the senate can move very quickly including finishing everything today.

I think everybody has an eye on ted cruz and where he will be when senate majority leader harry reid and senate minority leader mitch mcconnell announced the deal this morning.

Keep your eye on all these developments for us.

It is our twitter question of the day -- we want to hear from you.

This text has been automatically generated. It may not be 100% accurate.

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