National Journal is reporting Speaker Boehner has told the GOP Caucus he wants a deal done that would raise the debt ceiling by 2 p.m. EST on Sunday July 24.
House Speaker John Boehner wants a package to raise the debt ceiling, which would coincide with the opening of Asian markets, he told Republican members on a conference call Saturday.
Boehner is seeking $3 trillion to $5 trillion in cuts, according to GOP sources, and wants to avoid pursuing the so-called McConnell Plan that would give President Obama the authority to raise the debt ceiling without Congress.
Lawmakers are making a last-ditch effort to put together $3 trillion to $4 trillion in deficit reductions to clear the way to raise the debt limit, a congressional Republican leadership aide told Reuters.
The aide also said leaders want to be able to "show progress" toward a deal by 4 p.m. EDT on Sunday, which would be before Asian financial markets open.
The aide said negotiators are looking at a "two step process" for the deal, but the aide would not provide details other than to say that no revenues would be part of the package.
According to Politico, Boehner is aiming for a plan similar to Cut, Cap and Balance which President Obama vowed to veto and Harry Reid killed in the Senate on Friday.
“As I read the Constitution, the Congress writes the laws and you get to decide what you want to sign,” Boehner said, recounting what he told the president, according to two sources.
Boehner also told lawmakers how the larger compromise fell apart. He said there was an agreement on a revenue ceiling that would be done through reforming the tax code, not raising rates.
An immediate deal would raise the debt ceiling and cut spending, Boehner said, and there are still options on the table for more comprehensive deficit reduction of between $3 trillion and $5 trillion, according to GOP sources on a call.
The new plan will be the third, yes, the third, piece of debt legislation presented to the Senate and Obama from House Republicans.
The new plan of a two step approach would include a short term budget deal with cuts matching the amount in a debt ceiling increase, but may leave budget cuts in the hands of Senate Committees after the Aug 2. deadline, which would all be headed by democrats. Hmmm...leaving additional spending cuts up to democrats in the Senate, who haven't passed a budget for 816 days, doesn't seem like a great idea. After all, Harry Reid really loves his cowboy poetry.
Top Republican aides said Boehner envisions a short-term extension of the debt limit that would include spending cuts that meet or exceed the debt limit increase. That would be paired with a strategy for finding additional savings. Options include a new super committee of the sort proposed by Senate Majority Leader Harry M. Reid (D-Nev.). Another option would be to tell existing legislative committees to make policy changes over the next few months aimed at meeting the savings targets.
In the call, Boehner stressed that the path forward would be a new plan, not a proposal offered earlier this month by Senate Minority Leader Mitch McConnell (R-Ky.) to authorize Obama to raise the debt limit on his own, without explicit congressional approval.