9:40 a.m. E.T.
It is still hard to see how something that Harry Reid would champion through the Senate could get the backing of a majority of House Republicans. The emerging deal (if there is one) simply won’t sufficiently address spending for most GOP members. Also, leaving the debt ceiling unaddressed seems to be a ticking political time bomb that could make this round of negotiations seem like beanbag with weeks. Finally, the amount of blame gaming and finger-pointing going on on the Sunday shows already suggests negative momentum for statespersonship and compromise for the common good. Unhappy old politics ushering in a happy new year.