The debt deal is scheduled to come up for a final vote on the floor of the U.S. Senate in just a few minutes at 12:00 ET. That will send the debt deal to President Obama who will make a statement on final passage at around 12:15 ET or whenever the vote is official. After the vote, the Senate will join the House and go on recess for the rest of the month, reconvening in September.
Here's live video of the vote:
8:57 AM PT: Mitch McConnell is making a final statement lauding what a wonderful system of government we have, declaring victory against Radical Socialist Invaders and their Spending Spree, yada, yada, yada. Presumably Harry Reid will wrap up for Democrats following McConnell's speech.
9:01 AM PT: McConnell also repeating his pledge* to always hold the debt limit hostage.
*Unless a Republican is in the White House
9:09 AM PT: Harry Reid starts his comments, saying the debt deal is not perfect, but saying that we needed to avoid the disaster that would have been default. Of course, everybody who has been paying attention knows that the only reason that Republican hostage-taking is the only reason default was ever on the table.
9:13 AM PT: Reid says the tea party's influence on the process has been "unfair to the American people." "The American people are not impressed by the no new revenue...because the richest of the rich have contributed nothing...the burden [in the deal] is on the middle-class." Says the Bush tax cuts did not help the economy. But says we do need to cut spending, and says the Super Congress will force action, and that the Super Congress must include revenue. "We need a fair approach to this committee."
9:14 AM PT: Reid: "The only way we can arrive at a fair arrangement for the American people is to have equal sharing." He says revenue must match spending cuts (which I think is an absolute minimum standard). "It has to be equal. There has to be spending cuts...and revenue that matches that."
9:16 AM PT: Reid calls for a vote on the debt deal, and the roll call begins.