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Dems, GOP Prepare Rival Debt Plans

House Speaker Boehner pushes two-step extension of debt limit.

By Julie Hirschfeld Davis, Laura Litvan, Bloomberg | Updated on July 25, 2011

Republicans and Democrats prepared dueling plans for raising the U.S. debt ceiling, unable to break a partisan stalemate over how to tackle the nation’s $14.3 trillion debt and quell market concerns about a potential default Aug. 2.

House Speaker John Boehner of Ohio told fellow Republicans he was determined to force action on a two-step debt-limit extension that would provide a roughly $1 trillion, shorter-term increase than President Barack Obama has requested, defying a veto threat and the administration’s warnings of dire economic consequences. He aimed to unveil his plan as early as today, when he was to update Republicans in a closed-door meeting in the Capitol.

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