It looks like the House/Senate/White House/Left/Right/Tea party/Progressives have made a deal. Votes will be tonight with the Senate going first then the House late tonight. (Don't be surprised if there is one more twist to this process.)
1. Government opens and Continuing Resolution (CR) runs to January 15th.
2. Debt Ceiling now becomes automatic, Congress only votes not to raise the debt ceiling (requireing 2/3rd votes). Correction - this only applies until Feb 7th.
3. Funding levels at sequestration level.
4. A budget conference will be held to deal with spending levels in a bit of a the longer term (budgets are enforceable on overall spending levels and create policy assumptions for future years; but there would be an expectation that they will try to deal with some of the structural deficit issues).
5. Secretaries do not have power to reallocate sequester cuts within their agencies.