Republicans sources say House Speaker John Boehner (R., Ohio) told members on a conference call this afternoon that talks with Congressional Democrats have yet to yield an agreement, but said House Republicans would move forward with a plan of their own. Boehner said he hoped to have details of the plan to present members on Monday, but said it will be a “two-tiered” approach (meaning the debt ceiling will have to be raised against sometime early next year) and will “reflect the principles” outlined in the House-passed “Cut, Cap and Balance” legislation.
Party leaders slammed President Obama, who has threatened to veto any short-term increase in the debt ceiling, as being primarily focused on his reelection campaign, rather than solving the debt crisis. They also cited Obama’s insistence on raising taxes as the reason why talks with the White House fell apart. Members were urged to remains untied in the coming days in order to maximize their leverage in negotiations, but Boehner stressed that the best way to thwart Obama now would be to put forward a plan that can pass both houses.
As Andy notes, Senate Majority Leader Harry Reid (D., Nev.) looks like he’ll be bringing his own plan forward in the Senate, which would allow for a single increase that would ensure that Congress doesn’t have to vote on one again until after the 2012 election.
