Details Of Boehner's Plan Emerge

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

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