Three debt ceiling plans
Members of the House and Senate are considering three competing plans that would raise the country’s debt ceiling if certain cuts are made to federal spending.
The Boehner plan:
- Cuts federal spending by $2.65 trillion over the next decade and raises the debt ceiling in two phases
- Sponsored by House Speaker John Boehner, it’s set to hit the House floor today
The Senate plan:
- Cuts federal spending by $2.7 trillion over the next 10 years and raises the debt ceiling until 2012
- Sponsored by Senate Majority Leader Harry Reid and endorsed by President Obama
Cut, Cap and Balance:
- Cuts federal spending by $5.8 trillion over the next 10 years and raises the debt ceiling once
- Supported by conservative House members, rejected by the Senate and Obama
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