Republican U.S. House of Representatives Speaker John Boehner promised to unveil a bipartisan deal to raise the debt ceiling. Republican leaders want to show progress by 4 p.m. EDT on Sunday, before trading gets under way in Asia, and have legislation to unveil on Monday.
"The preferable path would be a bipartisan plan that involves all the leaders, but it is too early to decide whether that's possible," Boehner told "Fox News Sunday."
"If that's not possible, I and my Republican colleagues in the House are prepared to move on our own," Boehner said.
You can blame Obama if the markets tank and our credit rating is lowered, because Obama's advisor, Bill Daley, says any short term plan will be vetoed.
But is Boehner showing signs of a yellow streak? ABC reports there's talk of a "grand bargain" that would allow for $3 trillion in cuts but an additional $800 billion in new tax revenue.
The latest development puts Speaker Boehner in his most precarious position yet: If President Obama accepts the original deal, how can he refuse him? But if Boehner accepts it, he is going to face a full-scale revolt from his own leadership team. I am told that Eric Cantor, Kevin McCarthy and Jeb Hensarling (the 2, 3, and 4 GOP leaders in the House) have all made it clear to Boehner they will not accept a deal that increases tax revenues by $800 billion.
If Boehner strikes such a deal with the president, he could lose more than 100 Republican votes in the House. It could ultimately cost him his Speakership. But it may be the only possible way to both avoid default and address the underlying debt crisis. The question is what it has always been: Could such a deal pass the House and Senate? Democrats won’t like it any more than Republicans, but a large number of Democratic votes would be necessary to pass it.
Erik Erickson has more from one Congressman whom he spoke to last night.
A House Republican who is in leadership called me tonight. He said what we are hearing about — the two tier plan — is “sh*t” and he’s blaming Boehner. He agrees that Boehner is getting nervous and wants a deal.
But this two tier plan seems to be the Republicans’ initial offer. Harry Reid is headed that way. Many Democrats want more.
So keep in mind for purposes of negotiations, House Republican leadership members are already referring to the starting point as “sh*t” and it will only get worse from here.