Liveblog: It's Up to the Senate to Prevent Default Devastation

After spending 24 hours watching a House proposal emerge and then crumble, Senate leaders on Tuesday night apparently finalized a proposal to avoid default. The question remaining: Can it pass the House — and quickly enough?

According to Treasury Secretary Jack Lew, Thursday is the date on which the government might for the first time be unable to pay its debt obligations — a scenario which could cause enormous disruptions in the global economy. On Tuesday, House Republicans struggled to develop a plan that might satisfy its most conservative wing, eventually determining that no proposal could do so. At some point on Wednesday morning, Senate leadership is expected to unveil a deal hammered out last night — perhaps similar to its Monday proposal, minus the delay of one Obamacare-related tax.

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Default could (could) happen as soon as first thing Thursday morning.

Updates

8:43 a.m.: The Wall Street Journal has had enough of the House Republicans.

This is the quality of thinking—or lack thereof—that has afflicted many GOP conservatives from the beginning of this budget showdown. They picked a goal they couldn't achieve in trying to defund ObamaCare from one House of Congress, and then they picked a means they couldn't sustain politically by pursuing a long government shutdown and threatening to blow through the debt limit.

Wednesday, 8:30 a.m.: The National Review's Robert Costa summarizes the House Republican position in a greatly-overdue tweet.

Good morning. Had breakfast w/ House Rs, who said they're losing faith in their leadership.

— Robert Costa (@robertcostaNRO) October 16, 2013

He continued, explaining that they Republicans are ready for a "tough vote," and are disappointed with the "lack of strategy" from Speaker Boehner. Nor are they looking forward to the day ahead.

Lots of Qs on House Rs minds, esp: don't we have to vote first now? Accept Sen deal as amdt then throw it back? Will be ugly, they say.

— Robert Costa (@robertcostaNRO) October 16, 2013

There is no House Republican conference meeting scheduled for this morning.

Tuesday:

10:45 p.m.: And, we're not likely to see an announcement of