House Republicans and Senate Democrats are
readying rival debt-limit emergency plans in hopes of reassuring
world financial markets that the U.S. government will avoid an
unprecedented default in barely a week.
House Speaker John Boehner summoned rank-and-file conservative
lawmakers in a Sunday-afternoon conference call to be ready for a
compromise that he said is going to require some of them "to make
According to one official familiar with his remarks, Boehner
said the new legislation, expected to be unveiled as early as
Monday morning, would cut federal spending, raise the government's
borrowing authority and be able to clear both houses of Congress.
Across the Capitol, Senate Democratic leader Harry Reid is
working on an alternative plan that he says "meets Republicans'
two main criteria" -- spending cuts greater in size than the
increase in borrowing authority and no new revenue.
Obama spoke with Boehner by phone during the day, and then met
with Reid and House Democratic leader Nancy Pelosi at the White
At the same time, several officials say leadership aides spent
Sunday trying to produce a compromise that could quickly clear both