By now, most people have heard about the bill that passed the Senate this week that would allow borrowers with large payday loans to refinance their debt.
And now that the legislation has been approved by the House of Representatives, the bill has a lot of momentum in the Senate.
“It’s a good bill,” Sen. Tom Coburn (R-Okla.) said during an interview with CNBC on Monday.
Coburn’s comments echo those of other prominent Republicans, who have said they want the debt reduction measure passed as soon as possible.
But they don’t mean the Senate can pass the bill without a deal.
The bill is now headed to the House, where it is expected to be significantly amended, potentially creating a pathway for passage of the bill to be defeated.
The debt relief legislation is still in its early stages.
It still needs to be reconciled with the debt ceiling, which is set to be raised again next week.
The debt limit is set at $16.7 trillion.
And it is likely to be increased again on Monday, and possibly more dramatically in the coming days, when the debt limit becomes an afterthought.
The measure also requires congressional approval to spend money on the debt.
Even before Monday’s House vote, Republicans were threatening to filibuster the bill.
Senate Majority Leader Mitch McConnell (R, Ky.) tweeted Tuesday that the Senate would take the debt increase bill up for a vote “before it hits the floor.”
And the bill could still get derailed on Monday if there are any procedural changes, which could complicate negotiations over the debt deal.
If there is a tie, it could make it harder for Republicans to pass the debt extension in the lame duck session of Congress.
If the debt bill is killed on Monday or Tuesday, the Senate could still consider the legislation and pass it before the debt floor rises again.
But that could delay passage of a debt relief measure, which would require two-thirds support in the chamber.
Democrats are hoping that the debt limits will be raised on Tuesday, and that there will be enough votes to pass a debt reduction bill, but there is still a good chance that a debt increase could come through.
If the Senate passes the debt cap increase bill and a debt limit increase bill, it will trigger a new debt limit, which in turn would trigger the need for another debt relief bill.
That means a debt ceiling increase could trigger another round of negotiations with the House over the fiscal cliff and debt relief.
If both bills are approved, a new president could call a debt vote on Monday and start the process of ending the federal government’s debt.
If a majority of House Republicans support the bill, a vote on the bill would happen on Tuesday and the measure would go to the Senate for a final vote.