Boehner readies debt ceiling plan for voteby Brett Neely, Minnesota Public Radio
St. Paul, Minn. — The U.S. House will vote Wednesday on a Republican plan put forward by House Speaker John Boehner to raise the nation's debt ceiling.
The plan consists of an immediate hike in the Treasury's borrowing authority by a trillion dollars, after making a similar amount of spending cuts. The House and Senate would have to vote again in six months, after a commission of lawmakers cuts $1.5 trillion from the budget.
The plan is a non-starter for House Democrats, said Minnesota DFL Congresswoman Betty McCollum.
"Speaker Boehner's bill doesn't accomplish anything. It just moves us down for another six months," McCollum said. "That really doesn't do anything to instill confidence in our economy."
Some Republicans are uneasy with the plan, putting the bill's future in doubt. In the Senate, Democratic Majority Leader Harry Reid is also moving toward a Wednesday vote on his plan to hike the debt limit by $2.7 trillion, while cutting a similar amount.
- All Things Considered, 07/26/2011, 5:21 p.m.