Slowly details of the shape of Boehner's two-step plan are emerging:
- BOEHNER'S FIRST STEP WOULD BOOST DEBT LIMIT INTO FEBRUARY
- BOEHNER PLAN SAID TO SEEK DEBT BOOSTS OF $1 TLN AND $1.6 TLN
- BOEHNER'S PLAN WOULD HAVE COMMITTEE IDENTIFY SPENDING CUTS
- BOEHNER'S PLAN REQUIRES HOUSE AND SENATE TO VOTE ON BALANCED BUDGET AMENDMENT BETWEEN OCTOBER AND THE END OF 2011
It is unclear if this approach is a non-starter considering that every democrat has made it clear in the past 24 hours that a partial debt increase of $1 trillion would not even be discussed as it would reach just through February or March at the current cash burn rate.
More as we get it