After Eric Cantor outlined it, that's when the President apparently got miffed and stormed out of the room.
Its advantages? It would allow Republicans to keep their pledge not to raise the debt ceiling more than the government is cut, without raising taxes, while avoiding default and the attendant economic problems that would accompany it. As an aside, it would have the not-insignificant political advantage of requiring Red State Democrats to make some very tough choices in the run up to 2012.
Here's hoping the GOP continues to hang tough. Cutting spending -- without new tax increases -- is what the country sent them to Washington to do.