‘Don't tune out C-SPAN’: House Republicans promise they are close to debt ceiling deal

House Speaker Kevin McCarthy (R-CA) and his top allies mounted a final push Wednesday to wrap up GOP support for their debt ceiling proposal.

"Let's get in the ring," he reportedly told members in a closed-door meeting Wednesday morning, according to Punchbowl News, as Republicans seek to force President Biden to the negotiating table.

House Republican leaders, speaking at a morning press conference, said a deal is close but wouldn’t promise that a final vote will happen Wednesday.

"We'll be ready to move as early as today," House Majority Leader Steve Scalise (R-LA) told reporters. Preliminary House votes are scheduled for around 1:30 pm ET, he added, but timing on a final vote is still uncertain.

"I wouldn't tune out C-Span today if you're watching, we want to get this done as soon as possible," Scalise added.

The effort comes after McCarthy approved changes to his bill last night designed to get them over the finish line after days of seeking to avoid bending to the bill's holdouts.

The late-night drama unfolded late Tuesday and early Wednesday in a Rules Committee hearing where lawmakers approved an amendment to let stand tax subsidies for ethanol in response to objections from Iowa lawmakers.

They also further tightened provisions around work requirements for programs like Medicaid after McCarthy’s most conservative members complained the first draft of the bill hadn’t gone far enough.

The hearing didn't wrap up until around 2 a.m.

The math for McCarthy

McCarthy and his allies need 218 of the 222 Republicans in the House to support the bill with Democrats in the House set to oppose the bill en-masse. The White House has already promised a veto, citing a recent Moody’s Analytics report that found the bill would cut into near-term economic growth if enacted.

In a Yahoo Finance Live Interview Tuesday, Transportation Secretary Pete Buttigieg reiterated the White House position that they only want to see a clean debt ceiling bill that takes the issue off the table.

“Then, once they take default off the table, we can have an adult conversation,” he said.

But even with timing unclear on a final vote, last night's changes have clearly moved McCarthy closer to his goal. On Twitter, the Speaker touted how holdouts like Rep. Mark Alford (R-MO) are now on board with the bill and the Speaker's chief vote counter promised that it will get done one way or another.

"House Republicans are going to pass this debt limit and we are going to show people that the American Government doesn't have to be dysfunctional," said Majority Whip Tom Emmer (R-MN) Wednesday morning.

As for how investors should watch the Congressional wrangling, Stifel Chief Washington Policy Strategist Brian Gardner recently advised that it’s safe to largely ignore the details of the bill sine those will be changed in negotiations anyway. The key question is whether it gets passed this week.

“Passing the bill might ease the way to negotiations by giving House Speaker McCarthy some leverage in talks with the White House,” he wrote adding that a failure would further cloud Washington's path out of this crisis.

Ben Werschkul is Washington correspondent for Yahoo Finance.

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