The Revised Boehner and Revised Reid Plans (comparison outline on TPM)

[chill_wind]

Article plus paste-up of a document given TPM.

The Senate adjourned late Friday night without an agreed-upon framework for raising the debt limit. Shortly before this, a source passed to TPM a blueprint of what Democrats hope will be the way out of this imbroglio. It's a copy of what could be Senate Majority Leader Harry Reid's final offer to Republicans in the debt limit standoff.

The gist: Reid hopes to entice Republicans to support his plan in two ways. First, with slightly deeper cuts. Second, by adopting an idea, first proposed by Senate Minority Leader Mitch McConnell, that would delegate the authority to raise the debt limit to President Obama -- and give Congress the prerogative to attempt to block Obama from taking that action.

It does not include any penalties or triggers to force Congress to enact entitlement and tax reforms in the coming months.

The new cuts aren't very extensive. They bring the package's total deficit reduction up to $2.4 trillion -- but only when judged against a slightly outdated January baseline. Judged against the current baseline, the revised plan would still reduce the deficit by $2.2 trillion.

Reid Aims For GOP Support By Adopting McConnell Debt Limit Plan Fallback Plan
http://tpmdc.talkingpointsmemo.com/2011/07/reid-aims-for-gop-support-by-adopting-mcconnell-debt-limit-plan-fallback-plan.php?ref=fpblg


Link to the referenced McConnell proposal from before:

http://tpmdc.talkingpointsmemo.com/2011/07/the-big-blink-mcconnell-proposes-giving-obama-authority-to-raise-debt-limit-alone.php

McConnell proposes rolling out this process in three tranches, to force Obama to request more borrowing authority, and to force debt limit votes in Congress, repeatedly through election season.

Here's how McConnell explained it at his weekly Capitol press conference:

The way it would work is the legislation would authorize him to get to the amount he says he needs based upon the advice of his Secretary of the Treasury in three tranches: The first tranche, $700 billion, the second tranche $900 billion, the third tranche $900 billion.

Once the request is made it would be appropriate in either or both houses for a resolution of disapproval to be taken up on an expedited procedure. If that expedited procedure in both the House and the Senate -- if the resolution of disapproval achieved a majority -- it would go down to him where he could either sign it or veto it. My assumption is he would veto it. And that veto would be sustained by one-third-plus-one in either of the houses."

[nenagh]

1. Thanks chill_wind...

McConnell's tranche proposal reminds one of doling out an allowance .. infuriating..

[chill_wind]

2. Welcome. Here's The Hill's quick writeup.

Senate Majority Leader Harry Reid (D-Nev.) has revised his plan to raise the debt limit in a last-ditch bid to attract Republican support.

The biggest change is that Reid would give the president almost unilateral power to raise the debt limit, borrowing an idea introduced by Senate Republican Leader Mitch McConnell (R-Ky.).

Reid would have President Obama request a $2.4 trillion debt-limit increase in two installments of $1.2 trillion each. The requests would be subject to congressional resolutions of disapproval, but these would do little to restrict the president.

Obama could veto any resolution of disapproval, and it would take a two-thirds vote in both chambers of Congress to override him.

The Senate's turn: Reid alters debt plan to attract GOP support
By Alexander Bolton and Josiah Ryan - 07/29/11 10:24 PM ET

http://thehill.com/homenews/senate/174483-reid-alters-debt-plan-to-attract-gop-support

McConnell's original proposal didn't touch entitlements anywhere, but wanted three votes to raise the debt limit spread out. Reid's would limit it to two approvals. Obama has stipulated he would veto anything that required a second vote. I don't know where that leaves any of this.

The only deal-breakers for the White House continue to be a second debt limit vote that would take place before the 2012 election, and legislative attacks on the president's healthcare law.

http://thehill.com/homenews/administration/174451-white-house-open-to-two-day-extension

[chill_wind]

3. House to reconvene now (1 pm)

http://www.c-span.org/Live-Video/C-SPAN/

40-60 minutes debate expected.

[slipslidingaway]

4. knr nt

[chill_wind]

5. Thnx SSA

:hi:

[mzmolly]

6. So we'll get a debt limit increase without actual spending cuts?

eom

[flamingdem]

7. I don't immediately see any cuts to programs, not to Pell grants, ss, Medicare, Medicaid

so what cuts are we worried about again?