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Two new debt plans emerge, but agreement still seems a long way off

President Barack Obama speaking in a prime-time address to the nation from the East Room of the White House on Monday.
REUTERS/Jim Watson
President Barack Obama speaking in a prime-time address to the nation from the East Room of the White House on Monday.
  • Raise the debt limit by $1 trillion.
  • Cut current and cap future discretionary spending immediately, saving $1.2 trillion over 10 years.
  • Require that Congress vote on a balanced budget amendment after Oct. 1 but before the end of the year.
  • Create a joint committee to craft legislation to reduce the deficit by $1.8 trillion over 10 years. If that legislation is enacted, it would allow Obama to request an additional $1.6 trillion debt limit increase, something he’d have to do in 2012.
House Speaker John Boehner, pictured alongside other Republicans, speaking to the press about U.S. debt reduction on Monday.
REUTERS/Jason Reed
House Speaker John Boehner, pictured alongside other Republicans, speaking to the press about U.S. debt reduction on Monday.

But Boehner will be lucky if this plan gets the strong support from his caucus that Cut, Cap and Balance did. The sponsor of that legislation, Utah’s Jason Chaffetz tweeted his opposition to the Boehner plan and Jim Jordan of Ohio, the chair of the conservative Republican Study Committee, released a statement against the proposal, indicating ardent conservatives will need to be persuaded to support it.

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Comments (3)

We need some adults to show up now and quit playing politics with the lives of the rest of America. Standard and Poors has already said, in essence, that Boehner's approach of a short-term agreement and an unbalanced approach would cause the US credit rating to drop to AA. That should be the only answer the politicians need to get on with negotiations and do the work they were sent there to do, which is to work for all of us, not just the folks that will fund their next election.

What beautiful symmetry!! Both sides have formulated plans that will do what's right for America in accordance with their policy views. Both plans are equally credible. Both sides are equally entrenced and unwilling to compromise. Quotes from four politicians support each position. And of course the ideal outcome that Mature Adults would reach is precisely halfway between the two sides, right at the Magical Center.... Mr Henry, there are facts in the world, and judgments that critically minded people of good faith can make, and journalists do our society a huge amount of damage by refusing to recognize this. Indeed, sometimes (almost always), the sound place to be doesn't lie at all on the line connecting the establishment Democratic and establishment Republican positions.

We are at war. The troops need to get paid. The world economy is in peril. The Fourteenth Amendment requires the government to pay its debt.
Its time for our Commander in Chief to use his power.They are trying to set up a narrative of a weak president to make it easier for the pitiful
array of candidates they have. Unfortunately Obama
has fed this narrative from the beginning. Use
your power or lose the country.