Here is National Review Online’s Robert Costa‘s description of what the budget/debt ceiling deal expected to pass both houses of Congress today is expected to look like, plus some pre-reactions…

The agreement would fund the government until January 15, extend the debt ceiling until February 7, and initiate a budget conference for fiscal negotiations later this year. The agreement would also keep sequestration intact.

In floor speeches, Senate majority leader Harry Reid and Minority Leader Mitch McConnell both expressed confidence, even though the showdown has been trying….McConnell, for his part, sounded relieved, especially about Republicans’ ability to “protect the historic cuts we achieved under the Budget Control Act.”

Speaker John Boehner signaled to Senate leaders late Tuesday that he was open to bringing a Senate deal to the floor, due to the House GOP’s problems with whipping support. “It’s what Boehner calls a ‘tough vote,’ which means it’ll need Democrats, and he had told us all along that he may have to do it,” says a veteran House Republican.