Dueling Debt Plans: GOP to Announce Debt Plan at 2 – Dems to Announce Plan at 2:30
Republicans will unveil their debt reduction plan at 2:00 PM EST today. Then at 2:30 EST Harry Reid and democrats will announce their plan and pretend that they want to cut the record US debt.
Here’s how things are playing out:
At 2:30 Monday, Senate Majority Leader Harry Reid will unveil his plan – increase debt ceiling until 2013, cut spending by $2.7 trillion including gimmicks that make the number look bigger than it really is. The biggest of these is factoring in savings from drawing down troops abroad as a spending cut. On Wednesday, there will be a key procedural vote in the U.S. Senate on this plan. It will need 60 votes, which means it must have at least seven Republicans.
If Reid’s plan passes, the final vote would likely come on Saturday (July 30). Democrats would then attempt to pressure the House to take up the Reid bill, the decision will be up to House Speaker John Boehner.
At 2pm Monday, Boehner presents his plan – $1.2 trillion in spending cuts and an eight to ten month debt ceiling increase followed by more cuts and another vote next year – to the House Republican caucus. Assuming he gets a positive reception, he will then introduce the bill, setting up a House vote on Wednesday – the same day the Senate votes on Reid’s plan.
If the Boehner plan passes, Republicans would then attempt to pressure the Senate to bring up the Boehner bill, but the decision will be up to Harry Reid.