If the deal isn’t passed today, the April 12th deadline is for the UK to come up with a new suggestion.
If the deal fails, the UK could request a longer extension, or even revoke article 50.
The EU has strongly signaled that they’d be open to adjusting the political declaration in favour of a customs union, for example. If the UK were to vote for that early next week, it could in principle be agreed on both sides fairly quickly.
The main EU requirement is that to avoid a no-deal exit on April 12, the UK has to actually do something different, not simply ask for more time. If the UK requested time for a general election or a second referendum, that would probably be accepted by the EU (although it’s not guaranteed).
If the deal isn’t passed today, the April 12th deadline is for the UK to come up with a new suggestion.
If the deal fails, the UK could request a longer extension, or even revoke article 50.
The EU has strongly signaled that they’d be open to adjusting the political declaration in favour of a customs union, for example. If the UK were to vote for that early next week, it could in principle be agreed on both sides fairly quickly.
The main EU requirement is that to avoid a no-deal exit on April 12, the UK has to actually do something different, not simply ask for more time. If the UK requested time for a general election or a second referendum, that would probably be accepted by the EU (although it’s not guaranteed).