Here's The House GOP's New Debt Ceiling Plan.

The plan was hashed out in final during a special conference meeting Monday evening, during which House Republican leaders looked for enough policy support from the conference to pass the legislation. 

The legislation pays for the increase in spending from the restored military pension benefits by tacking on another year of some sequester cuts in Medicare and other mandatory spending programs.

The House could vote on the measure as soon as Wednesday. If it doesn't approve the legislation, House Speaker John Boehner could then pivot to a "clean" increase in the nation's debt ceiling — just days before a Feb. 27 deadline.