Just to keep you up to date, both House Speaker John Boehner and Senate Majority Leader Harry Reid have put their plans on the table. The White House has fully embraced the Reid plan.
Here’s a short summary, courtesy of the Washington Post, of Boehner’s . . .
Boehner’s plan includes an immediate increase in the debt ceiling of up to $1 trillion that is paired with $1.2 trillion in cuts to discretionary spending over the next decade. A new, joint House-Senate committee of 12 lawmakers would then be mandated to to come up with another $1.8 trillion in deficit savings over 10 years by Christmas, receiving fast-track powers to guarantee up-or-down votes on their legislative product should they produce a plan that wins at least seven votes in their special committee.
If such a plan were approved, President Obama early next year would then be able to request up to $1.5 trillion in new borrowing authority, which Congress would only be allowed to block by a super-majority vote of disapproval.
And Reid’s . . .
Aides have said it would include cuts of up to $1.2 trillion over the next decade to government agencies, including the Pentagon. Democrats had previously offered to accept those savings, as well as about $200 billion in cuts to non-health direct-payment programs, such as farm subsidies. People familiar with the months-long search for a debt-reduction compromise said that hitting such a large target without raising taxes or cutting entitlement programs would probably require Reid to rely heavily on savings from ending the wars in Iraq and Afghanistan — a figure budget analysts said could easily amount to more than $1 trillion over the next decade.
Here’s part of the statement White House Press Secretary Jay Carney on Reid’s plan.
Senator Reid’s plan is a reasonable approach that should receive the support of both parties, and we hope the House Republicans will agree to this plan so that America can avoid defaulting on our obligations for the first time in our history. The ball is in their court.