Just after 10pm on Saturday night, Harry Reid announced that the Senate vote on his debt bill was being moved from 1am on Sunday morning to 1pm Sunday afternoon eastern time.
Reid mentioned that negotiations were ongoing.
What comes out of these negotiations is likely to be a watered-down combination of several plans. The two-phase debt ceiling increase with an ultimate increase that will put the argument well past the 2012 elections. It will have the gimmicky cuts from all of the plans and will likely contain a non-binding vote on the Constitutional amendment to balance the budget which will NOT pass the Senate.
*update* vote for cloture (to end debate) on S.627 has failed. Reid joined other Senators in a vote that prevents a vote for passage on the plan at this time.