Debt Plan Scramble

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Wednesday, July 27, 2011 - 2:37pm

Congress weighs opposing plans as debt deadline nears.

The deadline to raise that nation's debt ceiling and avoid default is less than a week away, but there's still no deal in Washington.

The pressure is on John Boehner and his Republicans.

They're divided, and he's under fire.

Speaker Boehner scrambled to re-write his plan, one day after pitching it to fellow Republicans.

A vote has been postponed until Thursday.

Boehner's plan includes $850 billion in savings according to the Congressional Budget Office, not the $1.2 trillion he'd promised.

The CBO found the Democratic Senate plan slashed $2.2 trillion in spending.

An even deeper-cutting Tea Party plan cannot pass the Senate, where Democrats have vowed to defeat it.

The Tea Party is urging its freshmen Congressmen to hold the line and refuse to compromise with more moderate Republicans, including Speaker Boehner.

"The Boehner proposal will add seven trillion dollars to the debt over the next ten years. That is unacceptable and unsustainable," freshman Senator Rand Paul told Tea Party supporters at a Wednesday rally.

The revised Boehner plan now promised for Thursday will include more cuts.
 

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