Debt Impasse Continues

George Wenschhof

It just can't get any crazier than this - As if to highlight the polarization that exists on Capitol Hull, the Republican Speaker of the House and the Democratic Senate Majority Leader unveiled last minute dueling budget plans to avoid a default on the nation's debt.

House Speaker John Boehner's (Ohio) plan turned out to be the two-step plan which was expected by the Republicans, who want to keep the issue alive next year during the presidential election.

You can read it here, courtesy of Politico.com

Senate Leader Harry Reid's plan also turns out to be the rumored 2.7 Trillion cut with no tax increases and avoids the issue being revisited next year.

TPM.com has the Reid plan here and here.

As, one would expect, President Obama has endorsed the Reid plan and will address the nation tonight at 9:00 PM ET.

Speaker John Boehner will respond to the President's statement two minutes after he concludes his remarks.

TalkingPointsMemo.com has termed the situation Debtpocalypse and has updates on the shenanigans taking place in Washington here.

It turns out Republicans are now arguing with themselves as the Democrats have now offered a plan with no tax increases and cuts more (2.7 trillion) than the debt ceiling is raised (2.4 Trillion) - a demand by Republicans. So, now they get what they want and it is not good enough.

Meanwhile, the August 2 default date for the nation, looms.

Perhaps, in a sign agreement will be reached among the D.C. politicians on the budget, the NFL Players voted to agree to a final deal today, ending the four and one-half month lockout. You can read more here.

Stay tuned...

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