Looks like a tax cut compromise will be announced imminently. From there, the House and Senate will have to sort out a few procedural issues. For instance: does the House or Senate act first? If the Senate makes the first move, it will have to be careful not to repeat this embarrassing blunder.
I suspect that you’ll see Nancy Pelosi, John Boehner, Harry Reid, and Mitch McConnell usher the cuts through Congress without too much trouble, with the help of a strange coalition: a sizable majority of Republicans, and a large minority (or small majority) of Democrats. But the package will still likely need 60 votes, so we’ll have to keep our eyes on defectors.